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250716.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, July 16, 2025, Vol. 29, No. 196 Headlines 23ANDME HOLDING: TTAM Completes Purchase of PGS, Research Assets 3000 E. IMPERIAL: Case Summary & Five Unsecured Creditors 3310 HARRISON: Leon Jones Named Subchapter V Trustee 7530 LLC: Voluntary Chapter 11 Case Summary 949 FAIR STREET: Todd Hennings Named Subchapter V Trustee AFM MATTRESS: Court OKs Interim Use of Cash Collateral ALBERT WHITMAN: Gets OK to Use Cash Collateral Until Aug. 12 AMERICA'S GARDENING: Chap. 11 Impacts West Massachusetts Farms APPLIED DNA: Maintains Nasdaq Listing After Regaining Compliance BAYSIDE LIMO: Gets Interim OK to Use Cash Collateral BEECH INTERNATIONAL: Gets Extension to Access Cash Collateral BINFORD FARMS: Kevin Heard Named Subchapter V Trustee BROAD ST VENTURES: Sale of Collateral Scheduled for August 12 BURGESS BIOPOWER: Plan Exclusivity Period Extended to August 11 CENTER CITY: Seeks to Sell Hospital Properties at Auction CGA CORP: Court OKs Deal to Use SBA's Cash Collateral CHENANGO FLATS: Sale of Collateral Scheduled for July 31 CITI CONNECT: Seeks to Extend Plan Exclusivity to October 25 CK BUILDERS: Michael O'Connor Named Subchapter V Trustee CLE ELUM, WA: Wins Permission to Hire Stretto as Claims Agent CROSS TOWN: Seeks Chapter 11 Bankruptcy in Oregon CTN HOLDINGS: Wants Chapter 11 Converted to Chapter 7 D & M VENTURES: Michael Colvard Named Subchapter V Trustee DATAVAULT AI: Registers $250M Mixed Shelf Offering DNR REAL ESTATE: Jolene Wee Named Subchapter V Trustee DOUBLE H SERVICES: Case Summary & 19 Unsecured Creditors ELETSON HOLDINGS: Court Tosses Daniolos' Appeal on Sanctions Order ELMA TRANSPORT: Janice Seyedin Named Subchapter V Trustee ENDLESS POSSIBILITIES: L. Todd Budgen Named Subchapter V Trustee EQUILATERAL INVESTMENT: John Whaley Named Subchapter V Trustee FIRST CLASS: Gets Extension to Access Cash Collateral FTX TRADING: Former Execs Seek Dismissal From Trust Suit FUTURA ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors GILBERT LEGGETT: Case Summary & 20 Largest Unsecured Creditors GUNNISON VALLEY: Seeks to Extend Plan Exclusivity to Sept. 26 HALL OF FAME: Extends Loan With Stark Foundation to Dec. 31 HELIUS MEDICAL: Files $25M ATM Offering Update With Roth Capital KENBENCO INC: Gets Final OK to Use Cash Collateral KLX ENERGY: Geveran Investments, 2 Others Hold 1.8% Equity Stake KOLSTEIN MUSIC: Gets Extension to Access Cash Collateral LIFESCAN GLOBAL: Finalizes RSA to Hand Control to Lenders LIFESCAN INC: Files Prearranged Chapter 11 to Cut Debt by 75% LITTLE MINT: Seeks to Extend Plan Exclusivity to August 28 LPB MHC: Farmer State Bank Can't File Claims for Zanotti, BJZ Law LUTHERAN HOME: Court Denies Motions to Lift Automatic Stay MID SOUTH MATTRESS: Elisabeth Donnovin Named Subchapter V Trustee MINI MANIA: Gets Final OK to Use Cash Collateral Until Nov. 22 MOSAIC COMPANIES: Gets Interim OK to Obtain DIP Loan From Truist MURPHDOG LLC: Seeks to Sell Brewing Assets at Auction NETCAPITAL INC: Closes $5M Equity Offering With HC Wainwright NEWBURY PALACE: James LaMontagne Named Subchapter V Trustee OAK AND FORT: Court Sets Aug. 15, 2025 D&O Claims Bar Date ONDAS HOLDINGS: Partners With Klear Inc. for Non-Dilutive Finance ONE TABLE RESTAURANT: Defends Chapter 11 Dismissal PACIFICA CMFM: Starr May Withdraw as Counsel PARTY CITY: Plan Confirmation Hearing Scheduled for August 27 PET RINSE: Court Extends Cash Collateral Access to Aug. 31 PI GARUDA: Amy Denton Mayer Named Subchapter V Trustee PI ISHAN: Amy Denton Mayer Named Subchapter V Trustee PUERTO RICO: Sunnova's Chapter 11 Complicates Solar Fund Payments QUADRA FS: Plan Exclusivity Period Extended to September 13 RAFTER H FARM: Gets Interim OK to Use Cash Collateral Until July 23 REVOLOK USA: Seeks Subchapter V Bankruptcy in Florida RUNITONETIME LLC: Case Summary & 30 Largest Unsecured Creditors SALDAP LLC: Insurer's Summary Judgment Bid Granted in Part SAM'S CRAB: Gets Interim OK to Use Cash Collateral Until Aug. 13 SANCTUARYSPA INC: Gets OK to Use Cash Collateral Until Sept. 9 SHIELD HOLDINGS: Atty Retainer Meets Ch15 Eligibility, Judge Says SILVER AIRWAYS: Soneet Kapila Named Chapter 11 Trustee SILVERROCK DEVELOPMENT: Wants to Test $60MM Bid at Ch. 11 Auction SINCLAIR INC: Appoints Narinder Sahai as New CFO STEWARD HEALTH: Asks Court Judge for Chapter 11 Plan Confirmation STRAWBERRY HILL: Gets Final OK to Use Cash Collateral TBTOG DEVELOPMENT: Bankruptcy Sale Set for 140-AC Guadalupe Site TITAN INDUSTRIES: Seeks Chapter 11 Bankruptcy in Texas TODD SCHLOMER: Loses Bid to Dismiss Fanale, et al. Adversary Case TOP MOBILITY: Michael Markham Named Subchapter V Trustee TRANSOCEAN LTD: Sets $2.50 Limit Price on Bond-Related Share Deals TW MEDICAL: Gets Final OK to Use Cash Collateral Until Oct. 31 TYLER 2 CONSTRUCTION: Seeks Chapter 11 Bankruptcy in North Carolina UNRIVALED BRANDS: Plan Exclusivity Extended to September 4 VERDE RESOURCES: Appoints Dr. Buzz Powell as Independent Director VETERANS HOLDINGS: Court Converts Bankruptcy Case to Chapter 7 WEC 98D-7: Trigild Named as Receiver for Clay, W.Va. Property WHITE VIOLET: Case Summary & Three Unsecured Creditors WORKSPORT LTD: Achieves Record Production Growth in Past 5 Months YELLOW CORP: To Sell Properties to I. Turkalj, Others [] Quintin Brown Rejoins Stapleton Group as Restructuring Advisor [^] 2025 Distressed Investing Conference: Registration Now Open! ********* 23ANDME HOLDING: TTAM Completes Purchase of PGS, Research Assets ---------------------------------------------------------------- On July 14, 2025, TTAM Research Institute ("TTAM"), a nonprofit public benefit corporation based in California and founded by Anne Wojcicki, has completed its acquisition of 23andMe Holding Co.'s Personal Genome Service (PGS) and Research Services divisions, according to the company press release. The deal, carried out under Section 363 of the U.S. Bankruptcy Code, includes the assets of 23andMe and its debtor affiliates (OTC: MEHCQ), a genetics-focused consumer health company. Now under TTAM's umbrella, 23andMe will continue providing personalized DNA testing and research services. TTAM is committed to upholding transparency and giving customers control over their data, including the ability to change their participation in research at any time. About 23andMe 23andMe Holding Co. is a genetics-led consumer healthcare and biotechnology company in San Francisco, Calif. Through its direct-to-consumer genetic testing, 23andMe offers personalized insights into ancestry, genetic traits, and health risks. The company has developed a large database of genetic information from over 15 million customers, enabling it to provide health and carrier status reports and collaborate on genetic research for drug development. On the Web: http://www.23andme.com/ On March 23, 2025, 23andMe and 11 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mo. Lead Case No. 25-40976). 23andMe disclosed $277,422,000 in total assets against $214,702,000 in total liabilities as of Dec. 31, 2024. Paul, Weiss, Rifkind, Wharton & Garrison, LLP, Morgan, Lewis & Bockius, LLP and Carmody MacDonald, PC serve as legal counsel to the Debtors while Alvarez & Marsal North America, LLC serve as the restructuring advisor. The Debtors tapped Reevemark, LLC and Scale Strategy Operations, LLC as communications advisors and Kroll Restructuring Administration Services, LLC as claims agent. Lewis Rice LLC, Moelis & Company LLC, and Goodwin Procter LLP serve as special local counsel, investment banker, and legal advisor to the Special Committee of 23andMe's Board of Directors, respectively. Jerry Jensen, Acting U.S. Trustee for Region 13, appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Kelley Drye & Warren, LLP and Stinson, LLP as legal counsel and FTI Consulting, Inc. as financial advisor. 3000 E. IMPERIAL: Case Summary & Five Unsecured Creditors --------------------------------------------------------- Debtor: 3000 E. Imperial, LLC 6940 Beach Boulevard, D-501 Buena Park, CA 90621 Business Description: 3000 E. Imperial, LLC is a real estate holding company that manages commercial property in Buena Park, California. Chapter 11 Petition Date: July 14, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-11912 Judge: Hon. Mark D. Houle Debtor's Counsel: Jeffrey I. Golden, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street, Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Email: jgolden@go2.law Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Alfred Masse as chief restructuring officer. A full-text copy of the petition, which includes a list of the Debtor's five largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7TTJINA/3000_E_Imperial_LLC__cacbke-25-11912__0001.0.pdf?mcid=tGE4TAMA 3310 HARRISON: Leon Jones Named Subchapter V Trustee ---------------------------------------------------- The U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for 3310 Harrison Rd, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: ljones@joneswalden.com About 3310 Harrison Rd LLC 3310 Harrison Rd, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57341) on July 1, 2025. Neal B. Sessions, Esq., represents the Debtor as legal counsel. 7530 LLC: Voluntary Chapter 11 Case Summary ------------------------------------------- Debtor: 7530, LLC 272 Dunn's Mill Rd #336 Bordentown, NJ 08505 Business Description: 7530, LLC is a real estate company whose principal assets are located at 409 Main Street, Lots 001–003, in Beaverdam, Ohio. Chapter 11 Petition Date: July 14, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-17354 Debtor's Counsel: John F. Thomas, Jr., Esq. ALLEN b DUBROFF ESQ. & ASSOCIATES, LLC 1500 JFK Boulevard Suite 910 Philadelphia, PA 19102 Tel: 856-234-1746 Email: john@dubrofflawllw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by William Thayer as sole member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VX6RLII/7530_LLC__njbke-25-17354__0001.0.pdf?mcid=tGE4TAMA 949 FAIR STREET: Todd Hennings Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for 949 Fair Street, LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About 949 Fair Street 949 Fair Street, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-57345) on July 1, 2025, listing between $500,001 and $1 million in assets and liabilities. Judge Lisa Ritchey Craig presides over the case. AFM MATTRESS: Court OKs Interim Use of Cash Collateral ------------------------------------------------------ AFM Mattress Company, LLC got the green light from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral. The court's order authorized the Debtor's interim use of cash collateral pursuant to its budget pending a final hearing scheduled for August 4. The interim order is effective nunc pro tunc to the petition date. Pontiac Bank, a senior secured Lender, will be granted security interests in and liens on all assets of the Debtor and those acquired by the Debtor after the petition date that are similar to its pre-bankruptcy collateral. These security interests in and liens do not apply to causes of action and are subject only to, in the following order of priority: (i) any lien on the Debtor's assets that the court may approve in the future as being senior to the bank's liens on a particular asset or assets (with proper notice to the bank and an opportunity to object); (ii) valid, perfected, and enforceable pre-bankruptcy liens which are senior to the bank's respective liens or security interests as of the petition date; (iii) the payment of U.S. trustee's fees; and (iv) the amount of fees and disbursements accrued as of the date of the termination of the Debtor's use of cash collateral by bankruptcy professionals. Pontiac initially extended loans to the Debtor in 2021 and, as of the petition date, the Debtor believes that approximately $2.63 million is owed on the Pontiac loan. The bank asserts a first-priority security interest in substantially all of the Debtor's assets including inventory, receivables, deposit accounts, and proceeds to secure the obligations under the loans. Another lender, Breakout Finance, provided a $500,000 loan to the Debtor in April 2025. Breakout Finance appears to assert a second priority lien on substantially all of the Debtor's assets, including cash collateral. The Debtor believes that approximately $492,820 is owed on the Breakout Finance loan. It is unclear whether either Pontiac Bank or Breakout Finance has a perfected security interest in the Debtor's cash as of the petition date as the Debtor's deposit accounts are at other institutions. A copy of the Debtor's budget is available at https://shorturl.at/iQ08u from PacerMonitor.com. AFM Mattress Company LLC AFM Mattress Company LLC, doing business as American Mattress, a retail mattress company based in Elk Grove Village, Illinois. AFM Mattress Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11288) on July 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor is represented by: Maria Aprile Sawczuk, Esq. Goldstein & Mcclintock, LLLP Tel: 302-444-6710 Email: marias@goldmclaw.com ALBERT WHITMAN: Gets OK to Use Cash Collateral Until Aug. 12 ------------------------------------------------------------ Albert Whitman & Company received third interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The order penned by Judge Jacqueline Cox authorized the Debtor's interim use of cash collateral until August 12 to pay the expenses set forth in its budget, with a 10% variance allowed and additional amounts that Republic Business Credit, LLC approves in advance. RBC holds an interest in the Debtor's cash, which constitutes cash collateral. As of the petition date, Albert Whitman & Company owes RBC at least $208,800.96 under a 2023 purchase agreement, which allows the Debtor to obtain cash to operate its business from the sale of its accounts receivable to RBC. The Debtor's obligation to pay its pre-bankruptcy debt is secured by RBC's liens on substantially all of its property. As protection, the interim order authorized Albert Whitman & Company to grant RBC perfected replacement liens on its pre-bankruptcy collateral and any assets acquired by the Debtor after the petition date, to the same extent and with the same priority as RBC's pre-bankruptcy lien. In case the protection granted proves to be insufficient, RBC will have an allowed claim pursuant to Section 507(b) under the Bankruptcy Code, with priority over all other claims. The next hearing is scheduled for August 5. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Bb3vF from PacerMonitor.com. Republic Business Credit is represented by: Michael A. Brandess, Esq. Husch Blackwell, LLP 120 South Riverside Plaza, Suite 2200 Chicago, IL 60606 Phone: 312-526-1542 michael.brandess@huschblackwell.com About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. The Debtor is represented by: William J Factor William J. Factor Tel: 312-878-6976 Email: wfactor@wfactorlaw.com AMERICA'S GARDENING: Chap. 11 Impacts West Massachusetts Farms -------------------------------------------------------------- Greg Kerstetter of Yahoo! Finance reports that the impact of Gardener's Supply LLC's recent Chapter 11 filing is hitting the small farm hard. According to the report, last June 2025, Gardener's Supply, a Burlington, Vermont-based company with six retail locations across New England -- including one on Route 9 in Hadley -- filed for bankruptcy, leaving Bare Roots Farm with an anticipated $27,000 loss. That accounts for roughly 20% of the farm's annual income. Chris Reid and Anna Maunz, both 40, have been supplying plant starts to the Hadley store for the past decade. Now, with bankruptcy proceedings underway, that long-standing business relationship is likely ending in a significant financial setback. "So, what do we do now?" Reid asked, standing beside shelves of potted kale, dill, zinnias, and other seedlings at the farm's roadside stand. "It's a huge wake-up call," Maunz added, noting the already slim profit margins most small farms in western Massachusetts face. Unsecured Creditors at Risk Bare Roots is among many local businesses listed as unsecured creditors in the bankruptcy. That means they sold goods on trust, without collateral, and are now near the bottom of the repayment list—behind banks and other secured lenders, the report states. According to Northampton bankruptcy attorney David Ostrander, vendors like Bare Roots often recover little to nothing in such cases. "It's sad to say—it's a write-off," Ostrander explained. "Most unsecured creditors end up with pennies on the dollar, if anything." Gardener's Supply borrowed millions from Bank of America and Northfield Savings Bank, offering its assets as collateral. Those institutions will be first in line for repayment. The Hadley store declined to comment on the bankruptcy or its impact. Court filings list 30 of Gardener's largest unsecured creditors. UPS tops the list with more than $910,000 owed, while the lowest of the top 30 is still owed more than $47,000—nearly double Bare Roots' expected loss. The bankruptcy's effects aren't limited to Bare Roots. Red Fire Farm, with locations in Montague and Granby, is also owed over $9,000 for plant starts including tomatoes, eggplants, and tomatillos. While the financial hit is smaller for Red Fire Farm, co-owner Sarah Voiland, 44, said it still stings. "It's an important part of our spring business,' she said. For small farms across western Massachusetts, the bankruptcy of a longtime buyer like Gardener's Supply is a harsh reminder of how fragile these business relationships can be—and how distant financial decisions can deeply affect local livelihoods. About America's Gardening Resource Inc. America's Gardening Resource Inc., operates under the Gardener's Supply branddevelops, manufactures, and distributes gardening products and eco-friendly equipment through direct-to-consumer, retail, and wholesale channels across the United States. The Company serves home gardeners with tools, supplies, and resources tailored to diverse climates and growing conditions. America's Gardening Resource Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11180) on June 20, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtors are represented by Patrick J. Reilley, Esq., Jack M. Dougherty, Esq.,Gary H. Leibowitz, Esq., H.C. Jones III, Esq., and J. Michael Pardoe, Esq. at COLE SCHOTZ P.C. TOWER PARTNERS is the Debtors' Investment Banker. AURORA MANAGEMENT PARTNERS is the Debtors' Chief Restructuring Officer. APPLIED DNA: Maintains Nasdaq Listing After Regaining Compliance ---------------------------------------------------------------- Applied DNA Sciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it received written notice from The Nasdaq Stock Market LLC informing the Company that it has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires that companies listed on the Nasdaq Capital Market maintain a minimum bid price of $1.00 per share, and that the Company is therefore in compliance with the Nasdaq Capital Market's listing requirements. Nasdaq also notified the Company in the Compliance Notice that the hearing before the Nasdaq Hearings Panel previously scheduled to take place on July 15, 2025, has been cancelled and the Company's securities will continue to be listed and traded on Nasdaq. About Applied DNA Sciences Applied DNA Sciences -- adnas.com -- is a biotechnology company developing technologies to produce and detect deoxyribonucleic acid ("DNA"). Using the polymerase chain reaction ("PCR") to enable both the production and detection of DNA, the Company currently operates in three primary business markets: (i) the enzymatic manufacture of synthetic DNA for use in the production of nucleic acid-based therapeutics and the development and sale of a proprietary RNA polymerase ("RNAP") for use in the production of mRNA therapeutics; (ii) the detection of DNA and RNA in molecular diagnostics and genetic testing services; and (iii) the manufacture and detection of DNA for industrial supply chain security services. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of December 31, 2024, Applied DNA Sciences had $16 million in total assets, $3.4 million in total liabilities, and $12.5 in total equity. BAYSIDE LIMO: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Bayside Limo of Tampa, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by secured creditors. Secured creditors include the U.S. Small Business Administration, CT Corporation System (as a representative of various parties), Credibly of Arizona LLC, Silverline Services, Inc., and CHTD Company. As protection for the Debtor's use of its cash collateral, secured creditors will have perfected post-petition liens on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. The Debtor was ordered to keep its property insured in accordance with its loan and security agreements with secured creditors as further protection. About Bayside Limo of Tampa LLC Bayside Limo of Tampa LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.8:25-bk-03982-CPM) on June 13, 2025. In the petition signed by Kevin New, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Catherine Peek McEwen oversees the case. The Debtor is represented by: Buddy D. Ford, Esq. Ford & Semach, P.A. Tel: 813-877-4669 Email: buddy@tampaesq.com BEECH INTERNATIONAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Beech International, LLC received interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral until August 7, marking the 12th extension since its Chapter 11 filing. The latest order signed by Judge Ashely Chan authorized the Debtor to use cash collateral within a 15% variance per budget category, (except those cash held by UMB Bank, National Association in reserves) until August 7 or until the occurrence of a termination event. Termination events include the entry of a subsequent cash collateral order; the appointment of a Chapter 11 trustee or examiner; the conversion of the Debtor's Chapter 11 case to one under Chapter 7; or the filing by the Debtor of a motion to obtain financing secured by liens senior to the liens in favor of UMB Bank. As protection, each creditor with an interest in the cash collateral will be granted a replacement lien on all property of the Debtor acquired after its bankruptcy filing. The replacement lien does not apply to proceeds of actions commenced under Chapter 5 of the Bankruptcy Code. A final hearing is scheduled for August 6. The deadline for filing objections is on July 30. The Debtor believes that only UMB Bank, National Association and PIDC Local Development Corporation have an asserted interest in cash collateral. UMB is the trustee under a Trust Indenture dated as of Sept. 1, 2010, between the Philadelphia Authority for Industrial Development and TD Bank, N.A., as prior trustee. Pursuant to the Indenture, among other things, PAID issued certain Revenue Bonds (International Apartments at Temple University) Series 2010A, 2010B, and 2010C, in the aggregate principal amount of $17.280 million. On Sept. 1, 2010, PAID loaned the proceeds of the bonds to Beech International to acquire, construct, equip and install the student housing facility with two commercial units adjacent to Temple University. This loan is evidenced by, among other things, a Loan Agreement between PAID and the Debtor dated as of September 1, 2010, and three promissory notes issued by the Debtor in favor of PAID. As of the petition date, UMB asserts that approximately $15,241,671.88 remained due and owing on the notes. Prior to the petition Date, PIDC Local Development Corporation made (i) a loan in the amount of $600,000 to the company's sole member, Beech Interplex, Inc.; and (ii) a loan in the amount of $1 million to Beech Interplex. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/OiK01 from PacerMonitor.com. About Beech International Beech International, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Beech International filed Chapter 11 petition (Bankr. E.D. Pa. Case No. 24-14406) on December 10, 2024, listing between $10 million and $50 million in both assets and liabilities. Ken Scott, chief executive officer of Beech International, signed the petition. Judge Ashely M. Chan handles the case. Robert Lapowsky, Esq., at Stevens & Lee, P.C. is the Debtor's legal counsel. UMB Bank, N.A., as secured creditor, is represented by: Tobey M. Daluz, Esq. Margaret A. Vesper, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Facsimile: (215) 864-8999 daluzt@ballardspahr.com vesperm@ballardspahr.com -- and -- William P. Wassweiler, Esq. Ballard Spahr, LLP 2000 IDS Center 80 South 8th Street Minneapolis, MN 55402-2119 Telephone: (612) 371-3289 Facsimile: (612) 371-3207 wassweilerw@ballardspahr.com BINFORD FARMS: Kevin Heard Named Subchapter V Trustee ----------------------------------------------------- J. Thomas Corbett, the U.S. Bankruptcy Administrator for the Northern District of Alabama, appointed Kevin Heard, Esq., at Heard, Ary & Dauro, LLC as Subchapter V trustee for Binford Farms, LLC. The Subchapter V trustee can be reached at: Kevin D. Heard Heard, Ary & Dauro, LLC 303 Williams Avenue SW Park Plaza Suite 921 Huntsville, AL 35801 256-535-0817 Email: kheard@heardlaw.com About Binford Farms Binford Farms, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 25-81317) on June 30, 2025, listing between $500,001 and $1 million in assets and liabilities. Judge Clifton R. Jessup, Jr. presides over the case. Stuart M. Maples, Esq., at Thompson Burton, PLLC represents the Debtor as legal counsel. BROAD ST VENTURES: Sale of Collateral Scheduled for August 12 ------------------------------------------------------------- In accordance with the applicable provisions of the Uniform Commercial Code of the State of New Jersey, Parkview Financial REIT, LP, as the agent under a certain loan agreement and a pledge agreement ("Secured Party"), will offer at public auction the limited liability company interests (the "Collateral") in Broad St Ventures Urban Renewal, LLC (the "Company"), which entity, upon Secured Party's information and belief, owns a fee estate in the building known as Indigo Residence Apartments and by the street number 810-812 Broad Street, Newark, New Jersey (Block 165, Lot 11). The sale of the Collateral involves the sale of the equity interests of the Company and does not involve the direct sale of the fee estate. The Collateral has not been and will not be registered under the Securities Act of 1933 and is being offered for sale in a transaction exempt from the requirements of the Act. The Collateral will be offered for sale as a single unit or in separate lots. The public auction will be held in person at the offices of DLA Piper LLP (US) located at 1251 Avenue of the Americas, New York, New York, 10020 and virtually via Zoom Meetings, on August 12, 2025 at 1:15 p.m. (ET). The Collateral secures indebtedness owing by the Company to Secured Party in an amount of not less than $23,527,271.86 plus unpaid intérest and all other sums due under the applicable loan documents. The Collateral will be sold to the highest qualified bidder; provided, however, Secured Party reserves the right to cancel the sale in its entirety or to adjourn the sale to a future date at any time. Secured Party also reserves the right to bid, including by credit bid. Additional documentation and information regarding the Collateral will be made available, including the terms of the public sale, to interested parties that execute a confidentiality agreement. To review and execute such confidentiality agreement, visit the website https://tinyurl.com/810BroadStUCC Interested parties that intend to bid on the Collateral must contact Brock Cannon of Newmark, Secured Party's broker, at brock.cannon@nmrk.com or (212) 372-2066 no later than five (5) business days before the date scheduled for the auction to receive information on how to register for the auction. For questions and inquiries, please contact Brock Cannon or Neal Kronley of DLA Piper LLP (US); counsel to Secured Party, at neal.kronley@us.dlapiper.com. Interested parties who do not comply with the foregoing or any other requirement of the applicable terms of sale, including, without limitation, any deadlines set forth herein or therein, will not be permitted to enter a bid. BURGESS BIOPOWER: Plan Exclusivity Period Extended to August 11 --------------------------------------------------------------- Judge Laurie Selber Silverstein of the U.S. Bankruptcy Court for the District of Delaware extended Burgess BioPower, LLC, and Berlin Station, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to August 11 and October 9, 2025, respectively. As shared by Troubled Company Reporter, the Debtors claim that given the discretion afforded to the Court in determining "cause" and their substantial progress in these Chapter 11 Cases, including, but not limited to, the Debtors' entry into and the Court's approval of the Lender Settlement Agreement, the City Settlement, the NH Settlement, and the Operator-Manager Settlement Agreement as well as the filing and solicitation of the Plan and the Debtors' entry into the New Operator-Manager Agreements, the Debtors' submit that each of these factors have been met and, therefore, cause exists to extend the Exclusive Periods. First, this case is of a meaningful size and complexity. The Debtors have over $100 million in pre-petition secured debt, and needed to negotiate and obtain DIP financing at the beginning of the case. Over the course of the case, the Debtors continued to focus on soliciting potential buyers and/or plan proponents and negotiating with those entities, while, at the same time, negotiating and entering various settlements with parties. The Debtors' business and capital structure are sufficiently complex that these discussions have taken some time. Second, the Debtors and their professionals have made significant progress in moving the Chapter 11 Cases towards a successful completion. Since the Petition Date, the Debtors have, among other things: (i) obtained successful resolution of their dispute with Eversource; (ii) entered into new operational arrangements to enable them to sell power on a merchant basis; (iii) fully transitioned to merchant operations, (iv) solicited potential purchasers and plan sponsors; (v) complied with all their reporting obligations including filing their Schedules and Statements and monthly operating reports; (vi) obtained approval for their disclosure statement and solicited acceptances to their initial proposed plan; (vii) established bar dates and provided notice thereof to all parties; (viii) handled the various other tasks related to the administration of the Debtors' bankruptcy estates and the Chapter 11 Cases; (ix) reached settlement with major parties as set forth above; and (x) negotiated, filed and solicited acceptance of the Plan. Third, creditors will not be harmed by the extension of the Exclusive Periods. The Debtors are not seeking an extension of the Exclusive Periods to delay administration of the Chapter 11 Cases, but rather to allow the Debtors to continue to maximize the value of their estates and proceed through the plan confirmation process, including through the effective date of the Plan. The restructuring transactions contemplated in the Plan require regulatory approval and the extension of the Exclusive Periods will allow the Debtors to obtain said regulatory approvals to consummate the Plan. Co-Counsel for the Debtors: Chantelle D. McClamb, Esq. GIBBONS P.C. 300 Delaware Ave., Suite 1015 Wilmington, DE 19801 Tel: (302) 518-6300 Email: cmcclamb@gibbonslaw.com - AND - Robert K. Malone, Esq. Kyle P. McEvilly, Esq. GIBBONS P.C. One Gateway Center Newark, New Jersey 07102 Tel: (973) 596-4500 E-mail: rmalone@gibbonslaw.com kmcevilly@gibbsonlaw.com Co-Counsel for the Debtors: Alison D. Bauer, Esq. William F. Gray, Jr., Esq. Jiun-Wen Bob Teoh, Esq. FOLEY HOAG LLP 1301 Avenue of the Americas, 25th Floor New York, New York 10019 Tel: (212) 812-0400 Email: abauer@foleyhoag.com wgray@foleyhoag.com jteoh@foleyhoag.com - and - Kenneth S. Leonetti, Esq. Christian Garcia, Esq. FOLEY HOAG LLP 155 Seaport Boulevard Boston, Massachusetts 02210 Tel: (617) 832-1000 Email: ksl@foleyhoag.com cgarcia@foleyhoag.com About Burgess BioPower Burgess BioPower, LLC and its affiliates are renewable energy power companies that own and operate a 75-megawatt biomass-fueled power plant located on a 62-acre site in Berlin, New Hampshire. Berlin Station owns the facility and the facility site, and Burgess BioPower leases the facility pursuant to a long-term lease. Burgess BioPower also holds the necessary regulatory licenses for the operation of the facility. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-10235) on Feb. 9, 2024, with $10 million to $50 million in assets and $100 million to $500 million in liabilities. Dean Vomero, chief restructuring officer, signed the petitions. Judge Laurie Selber Silverstein oversees the cases. The Debtors tapped Foley Hoag, LLP as general bankruptcy counsel; Gibbons P.C. as Delaware counsel; and SSG Capital Advisors, L.P., as investment banker. CENTER CITY: Seeks to Sell Hospital Properties at Auction --------------------------------------------------------- Center City Healthcare, LLC, d/b/a Hahnemann University Hospital (HUH) and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of Delaware, to sell Martinelli Park and Stiles Real Estate at auction, free and clear of liens, interests, and encumbrances. Philadelphia Academic Health System, LLC is a Delaware limited liability company that is the direct or indirect parent company of (i) Center City Healthcare, LLC d/b/a Hahnemann University Hospital (CCH), a Delaware limited liability company that operates HUH, (ii) St. Christopher's Healthcare, LLC, d/b/a St. Christopher's Hospital for Children (SCH), a Delaware limited liability company that operates STC, and (iii) the Hospitals' affiliated physician groups. HUH is a 496-bed tertiary care academic medical center in center city Philadelphia. It has a long history of providing healthcare services, dating back to 1848. HUH is fully accredited by the Joint Commission and historically has provided a range of specialty services, including Level I adult trauma, kidney and liver transplantation, OB/GYN services, medical and radiation oncology, minimally invasive robotic surgery, neonatal intensive care unit services, bariatric surgery, bloodless medicine and surgery and renal dialysis, among other inpatient and outpatient services. CCH leases the real property on which HUH is located, for nominal consideration, from Broad Street Healthcare Properties, LLC, a non-Debtor affiliate, and subleases certain other properties (namely, portions of the Bobst/Feinstein properties) from STC. The Debtors' Properties to be sold are the Stiles Alumni Hall Underground and the Martinelli Park. The Debtors, in consultation with the Oversight Committee, retain SSG Advisors, LLC and Newmark South Region LLC as joint brokers to market the Real Estate The Brokers and the Debtors actively marketed the Real Estate and created a Data Room and confidential information memorandum describing the Real Estate. The Broker also sent a "teaser" to potential local, national and international buyers, both strategic and financial, and across a range of industries. On or about April 7, 2025, the Debtors received a letter of intent Martinelli Park LLC (Stalking Horse Purchaser) for the purchase of the Martinelli Park Real Estate (300- 304 N. Broad Street). Following extensive good faith negotiations, on July 11, 2025, the Debtors and the Stalking Horse Purchaser entered into an Agreement of Sale for the Martinelli Park Real Estate. The following is a summary of the material terms of the Stalking Horse Agreement, which, as noted above, contemplates the sale of the Martinelli Park Real Estate. -- Seller: Center City Healthcare, LLC -- Purchaser: Martinelli Park LLC -- Acquired Assets: Real estate located at 300-04 North Broad Street, Philadelphia, PA, as well as all Improvements, related Property and Intangible Property. -- Good Faith Deposit: $200,000.00 -- Purchase Price: $5,500,000.00 -- Closing and Other Deadlines: The Closing shall occur on the first business day that is twenty days following Seller's receipt and delivery to Buyer of the Approval Order or such other date as Buyer and Seller may otherwise agree in writing. It is an express condition precedent to Seller's and Buyer's obligations to complete Closing, that Seller shall have obtained and received the Approval Order. Condition of Premises: Buyer acknowledges that Buyer is purchasing the property "as is," "where is," and "with all faults" condition on the Closing Date. -- Bid Protections: A break-up fee in the amount of $165,000.00, constituting three percent of the Purchase Price, and reimbursement of reasonable documented expenses incurred by Buyer in connection with the Transactions in an amount not to exceed one percent of the Purchase Price in consideration of Buyer's efforts and costs and expenses incurred in pursuing the acquisition of the Property. The Debtors seek approval to pay a break-up fee and expense reimbursement to the Stalking Horse Purchaser upon the terms and conditions set forth in the Stalking Horse Agreement. Specifically, if the Stalking Horse Purchaser is not the Successful Bidder with respect to the Martinelli Park Real Estate, upon the closing of an alternative transaction for such Real Estate, the Stalking Horse Purchaser shall be paid, from the first proceeds from an alternative transaction, (a) a total fee equal to 3% of the Purchase Price of the Martinelli Park Real Estate (which equals $165,000.00) (Break-Up Fee) and (b) an expense reimbursement for reasonable documented out-of-pocket costs and expenses (including, without limitation, actual fees and expenses of counsel) not to exceed 1% of the Purchase Price incurred by the Stalking Horse Purchaser in connection with the negotiation, documentation and implementation of the Stalking Horse Agreement and the transaction contemplated. The Debtors also intend to solicit bids for the Real Estate in accordance with the Bidding Procedures, which reflect the Debtors' objective of conducting the Auction in a controlled, but fair and open manner, while ensuring that the highest and best bid(s) is generated for the Real Estate. In the event that a Qualifying Bidder wishes to bid on the same parcels of Real Estate that are included in the Stalking Horse Agreement, the aggregate consideration proposed by the Qualifying Bidder must equal or exceed the sum of the amount of (A) the purchase price under the Stalking Horse Agreement, plus (B) any break-up fee, expense reimbursement, or other bid protection provided under the Stalking Horse Agreement, plus (C) $250,000; A bid from a Qualifying Bidder satisfying all of the above requirements, as determined by the Debtors, in consultation with the Consultation Parties, shall constitute a Qualifying Bid. The Debtors reserve the right to work with any Qualifying Bidder in advance of the Auction to cure any deficiencies in a bid that is not initially deemed a Qualifying Bid. Qualifying Bidder, other than the Stalking Horse Purchaser with respect to the Martinelli Park Real Estate, that desires to make a bid shall deliver a written and electronic copy of its bid in both PDF and MS-WORD format to the Debtors so as to be received on or before September 19, 2025 at 12:00 p.m. (ET); provided that the Debtors may, in consultation with the Consultation Parties, extend the Bid Deadline without further order of the Court. Any party that does not submit a bid by the Bid Deadline will not be allowed to (a) submit any offer after the Bid Deadline, or (b) participate in the Auction. In the event that the Debtors timely receive one or more Qualifying Bids other than the Stalking Horse Bid, the Debtors shall conduct an auction. Following the Auction, the Debtors will determine, in consultation with the Consultation Parties, which Qualifying Bid is the highest and best bid for the Real Estate, which will be determined in accordance with the Bidding Procedures. The Auction shall be held on September 24, 2025 at 10:00 a.m. (ET) at the offices of Saul Ewing LLP, Centre Square West, 1500 Market Street, 38th Floor, Philadelphia, PA 19102. The Successful Bid (which, if no Auction is held, may be the Stalking Horse Agreement with respect to the Martinelli Park Real Estate) and any Back-Up Bid will be subject to approval by the Court. The Sale Hearing to approve the Successful Bid(s) and any Back-Up Bid(s) shall take place on October 8, 2025 at 10:30 a.m. (ET). All Deposits shall be returned to each bidder not selected by the Debtors as a Successful Bidder or Back-Up Bidder for any Sale no later than three business days following the conclusion of or cancellation of the Sale Hearing. The Debtors will serve the Sale Notice by, unless otherwise specified and except where such party has consented to electronic service. The Debtors will also post the Sale Notice and the Bidding Procedures Order on the website of the Debtors’ claims and noticing agent, Omni Agent Solution, at https://cases.omniagentsolutions.com/home?clientId=3525 and shall publish the Sale Notice, as modified in a manner appropriate for publication, in the Philadelphia Inquirer and the Wall Street Journal by the date that is ten days after the entry of the Bidding Procedures Order or as soon as practicable thereafter. The Bidding Procedures Order, if approved, will establish the following timeline, which the Debtors believe is appropriate to arrive at a value maximizing transaction: -- Bidding Procedures Hearing: August 28, 2025 at 10:30 a.m. (ET) -- Deadline to Serve Sale Notice: September 3, 2025 -- Deadline to File Proposed Form of Sale Order: September 16, 2025 -- Sale Objection Deadline (including objections to a sale to the Stalking Horse Purchaser): September 19, 2025 at 4:00 p.m. -- Bid Deadline: September 19, 2025 at 12:00 p.m. (ET) -- Auction: September 24, 2025 at 10:00 a.m. (ET) -- Deadline to File and Serve Notice of Successful Bidder and Amount of Successful Bid: 2 Days after the auction is completed -- Deadline to Object to Sale to Successful Bidder (other than Stalking Horse Purchaser) and Adequate Assurance of Successful Bidder (other than Stalking Horse Purchaser):September 30, 2025 at 4:00 p.m. (ET) -- Sale Hearing: October 8, 2025 at 10:30 a.m. (ET) The Debtors submits that the timeline set forth in the Bidding Procedures is reasonable and necessary under the circumstances of the case About Center City Healthcare, LLC d/b/a Hahnemann University Hospital Center City Healthcare, LLC is a Delaware limited liability company that operates Hahnemann University Hospital. Its parent company is Philadelphia Academic Health System, LLC, which is also the parent company of St. Christopher's Healthcare, LLC and its affiliated physician groups. Center City Healthcare and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11466) on June 30, 2019. At the time of the filing, the Debtors listed $100 million to $500 million in both assets and liabilities. Judge Kevin Gross oversees the cases. The Debtors tapped Saul Ewing Arnstein & Lehr LLP as legal counsel; EisnerAmper LLP as restructuring advisor; SSG Advisors, LLC as investment banker; and Omni Management Group, Inc. as claims and noticing agent. CGA CORP: Court OKs Deal to Use SBA's Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation between CGA Corporation and the U.S. Small Business Administration, authorizing interim use of cash collateral. The stipulation allows the Debtor to use SBA's cash collateral from June 25 to September 26 to fund operations during bankruptcy. In exchange, SBA will receive a replacement lien on the Debtor's post-petition revenues and a monthly payment of $615, beginning July 22. This monthly payment will increase to $1,230 in November. The SBA will also be granted a superpriority claim for any post-petition diminution in collateral value. The stipulation prohibits use of cash collateral for insider payments without court approval and requires the Debtor to maintain insurance, provide financial reports, and pursue a Chapter 11 plan. The Debtor obtained a $249,200 COVID-19 Economic Injury Disaster Loan from the SBA, later modified in October 2021. As of the petition date, the outstanding balance was approximately $253,063. The loan is secured by a broad lien on the Debtor's tangible and intangible personal property, including inventory, equipment, accounts, and deposit accounts, pursuant to a properly filed UCC-1 financing statement. A copy of the stipulation is available at https://urlcurt.com/u?l=E89VNl from PacerMonitor.com. About CGA Corporation CGA Corporation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-15352) on June 25, 2025. In the petition signed by Rosalina Acosta, chief executive officer, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Deborah J. Saltzman oversees the case. Thomas B. Ure, Esq., at Ure Law Firm, represents the Debtor as bankruptcy counsel. CHENANGO FLATS: Sale of Collateral Scheduled for July 31 -------------------------------------------------------- For default in payment of a debt and performance of obligations owed by Chenango Flats LLC ("Debtor") to CF-IF-2020-1, LLC ("Secured Party"), pursuant to Section 9-610 of the Uniform Commercial Code, at 10:00 a.m. (prevailing Eastern Time), on July 31, 2025, at the law offices of Polsinelli PC, 600 Third Avenue, 42nd Floor, New York NY 10016, and via Zoom video conference, https://polsinelli.zoom.us/j/95070689731 pwd=KLcOmyCaWvX9XSTUgMOnbzQ8ipz1Yj.1, Meeting ID Number: 950 7068 9731 Passcode: 176513, Secured Party shall sell at public auction to the highest qualified bidder for cash the interest of Amrom Lowy ("Pledgor") in the following collateral (the "Collateral"): All of Pledgor's right, title, and interest in and to the equity ownership interests in the Borrower, which is the owner of certain real property and personal property, including that certain real property, and improvements thereon, located at 27 and 31 Chenango St., Binghamton, New York 13901, as more fully described as follows (all capitalized terms not otherwise defined herein shall have the meanings assigned to them in that certain Ownership Interests Pledge and Security Agreement dated as of February 24, 2022, made by Pledgor in favor of Funding Door LLC, Ishaoa/Atima, as later assigned to Secured Party): (a) the Pledged Interests together with all rights to Distributions or other payments arising therefrom or relating thereto, and all options, rights, instruments, and other property or proceeds from time to time received, receivable, or otherwise distributable in respect of or in exchange for any or all of the Pledged Interests; (b) to the extent not covered by subparagraph (a), all rights to receive all income, gain, profit, loss or other items allocated, allocable, distributed, or distributable to Pledgor under the Organizational Documents of the Borrower, and all general intangibles, accounts, investment property, payment intangibles, supporting obligations, other contract rights or rights to the payment of money, and all proceeds, as each of the foregoing terms is defined in the UCC, arising out of, or in connection with, the membership interest in Borrower; (c) all of Pledgor's ownership interest in any capital accounts in the Borrower; (d) all of Pledgor's voting, consent, management, management removal and replacement, and approval rights, and/or rights to control or direct the affairs of the Borrower, inclusive of the management rights of the Pledgor in the Borrower, as set forth in the Operating Agreement of the Borrower and any amendments thereto; (e) any additional ownership interests of, and any ownership interests exchangeable for or convertible into and warrants, options, and other rights to purchase or otherwise acquire shares of ownership interests of, the Borrower, or entity which is the successor of the Borrower, from time to time acquired by Pledgor in any manner (all of which interests shall be deemed to be part of the Pledged Interests), and any certificates or other instruments representing such additional interests, warrants, options, and other rights, and all Distributions and other property or proceeds from time to time received, receivable, or otherwise distributed or distributable in respect of or in exchange for any or all of such additional shares, warrants, options or other rights; and (f) to the extent not covered by clauses (a) through (e) above, all proceeds of any or all of the foregoing. All parties seeking to submit a bid at the sale must deliver a deposit at least two (2) business days prior to the sale by delivering to Polsinelli PC, as escrow agent, a wire, bank, certified check, or money order (no endorsed checks or endorsed money orders will be accepted) in an amount equal to at least 10% of the successful bid amount. No cash will be accepted. All funds must be exhibited to the auctioneer prior to the commencement of bidding. Unless proper funds have been verified, you will not be permitted to bid. The balance of the successful bid is payable at closing, which shall be held within thirty (30) days of the auction date, time being of the essence. For wire instructions, you must contact the undersigned. Secured Party reserves the right to reject all bids and terminate or adjourn the sale to another time or place or effectuate a private sale instead of a public sale, without further publication, and further reserves the right to bid for the Collateral at the sale and to credit bid by applying some or all of its secured debt to the purchase price. For further information you may contact Amy E. Hatch, Polsinelli PC, 900 W. 48th Place, Ste. 900, Kansas City, MO 64112; Tel.: (816) 753-1000; Fax: (816) 753-1536; ahatch@polsinelli.com . CITI CONNECT: Seeks to Extend Plan Exclusivity to October 25 ------------------------------------------------------------ Citi Connect LLC asked the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to October 25 and December 24, 2025, respectively. The requested extension of the Exclusive Periods is the first such request made in this Chapter 11 Case and is approximately four months after the Petition Date. This amount of time is not long given the necessity for the Debtor develop a cash flow analysis sufficient to develop its proposed Plan of Reorganization. Further, the fact that the bar date has not yet expired and the full scope of the claims against the Debtor remains unknown. The Debtor requires additional time to gain a full understanding claims asserted against it. The Debtor claims that it has made good faith progress toward reorganization by, among other things, making progress towards establishing a claims bar date, retaining its professionals and operating as a Debtor in Chapter 11. Further, the Debtor continues to explore new avenues in which to expand its business profitability. Since filing this Chapter 11 Case, the Debtor has continued to pay substantially all of its undisputed, post-petition expenses and invoices in the ordinary course of business or as otherwise provided by order of the Court. The Debtor explains that extending the Exclusive Periods by one hundred twenty days will ensure that the Debtor and its creditors are able to capitalize on the progress they have made to date in this Chapter 11 case. Further, the requested extension is well within the range of similar relief granted by courts under similar circumstances. About Citi Connect, LLC Citi Connect LLC is a full-service turnkey contractor specializing in the design, engineering, construction, installation, and testing of communication systems. The Company offers a comprehensive range of services, including fiber and wireless solutions, aerial and underground construction, and telecommunications installations across various industries. Their solutions cover voice and data services, data centers, cell sites, as well as both inside and outside plant installations. Citi Connect LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-10369) on February 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Lisa G. Beckerman handles the case. The Debtor is represented by: Nicholas A. Pasalides, Esq. ECKERT SEAMANS CHERIN & MELLOTT, LLC 10 Bank Street, Suite 700 White Plains, NY 10606 Tel: (914) 286-2851 Fax: (914) 949-5424 E-mail: npasalides@eckertseamans.com CK BUILDERS: Michael O'Connor Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 7 appointed Michael O'Connor as Subchapter V trustee for CK Builders, LLC. Mr. O'Connor will charge an hourly fee of $375 for his services as Subchapter V trustee, and $125 for support staff working under his direct supervision. In addition, the Subchapter V trustee will be reimbursed for work-related expenses incurred. Mr. O'Connor declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael J. O'Connor The Spectrum Building 613 Northwest Loop 410, Ste. 840 San Antonio, TX 78216 E-mail: subvtrusteesat@gmail.com Telephone: (210) 729-6009 About CK Builders LLC CK Builders, LLC provides home improvement and general contracting services in the Pipe Creek and San Antonio areas of Texas. The Company holds a home improvement contractor license and has completed various residential remodeling and repair projects. CK Builders sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-51458) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and up to $50,000 in liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by William R. Davis, Jr., at Langley & Banack, Inc. CLE ELUM, WA: Wins Permission to Hire Stretto as Claims Agent ------------------------------------------------------------- City of Cle Elum sought and obtained authority from the U.S. Bankruptcy Court for the Eastern District of Washington at Yakima to employ Stretto, Inc. as claims, notice, and solicitation agent effective as of June 24, 2025, in its Chapter 9 bankruptcy proceedings. Cle Elum explained to the Hon. Whitman L. Holt that, from reviewing its books and records, the Debtor has identified numerous interested parties holding or believed to be holding claims against its estate, or who may hold claims or otherwise should be entitled to notice. These claimants number not fewer than 1,921 and comprise, without limitation, employees, retirees, bondholders, insurers, vendors, contractual counterparties, and parties to litigation involving the City. In order to preserve the estate's assets and minimize any administrative burden which would otherwise be placed on the Court, the Debtor believes that it is necessary to engage the services of an agent to perform administrative services which are necessary to the orderly conduction of the case. Stretto will bill the City no less frequently than monthly. All invoices shall be due and payable upon receipt. Where an expense or group of expenses to be incurred is expected to exceed $10,000 (e.g., publication notice), Stretto may require advance or direct payment from the City before the performance of Services. If any amount is unpaid as of 30 days after delivery of an invoice, the City agrees to pay a late charge equal to 1.5% of the total amount unpaid every 30 days. Upon execution of the Engagement Agreement, the City agreed to pay Stretto an advance of $20,000. Stretto may use such advance against unpaid fees and expense. Stretto may use the advance against all prepetition fees and expenses. Stretto may also, at its option hold such advance to apply against unpaid fees and expenses. Stretto appears to not have any disqualifying conflicts of interest respecting the matters upon which it is to be engaged and otherwise appears to have the attributes of a "disinterested person" as that phrase is defined in Section 101 of the Bankruptcy Code. Stretto may be reached at: Sheryl Betance STRETTO 410 Exchange, Ste. 100 Irvine, CA 92602 Tel: (714) 716-1872 E-mail: sheryl.betance@stretto.com About City of Cle Elum, WA The City of Cle Elum is a city in Kittitas County, Washington, known as the "Heart of the Cascades." The city was incorporated in 1902 and developed around coal mining and lumber industries, with the railroad playing a key role. Recently, Cle Elum has faced financial challenges, including declaring bankruptcy due to a large debt related to a housing development. On Nov. 5, 2024, an arbitration award was granted by Judge Paris K. Kallas in favor of City Heights Holdings, LLC, against the City in the amount of $22,230,175. On Dec. 9, 2024, a judgment in the combined amount of $22,6751,525 based on the award was entered in King County Superior Court. Due to the judgment, the City is unable to pay its debts as they become due. The City of Cle Elum filed a Chapter 9 bankruptcy petition (Bankr. E.D. Wash. Case No. 25-01128) on June 24, 2025. The City estimated $10 million to $50 million in both assets and liabilities. The petition was signed by Matthew Lundh, mayor of the city. John S Kaplan, Esq., at Stoel Rives LLP, serves as the Debtor's counsel. GlassRatner Advisory & Capital Group d/b/a B. Riley Advisory Services, is the financial advisor. Stretto Inc. is the claims and noticing agent. CROSS TOWN: Seeks Chapter 11 Bankruptcy in Oregon ------------------------------------------------- On July 11, 2025, Cross Town Movers Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. According to court filing, the Debtor reports $3,185,751 in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Cross Town Movers Inc. Cross Town Movers Inc. provides residential and commercial moving and storage services across Oregon, including Eugene, Salem,Medford, and coastal areas. The Company offers local, long-distance, and interstate relocations, as well as packing, crating, and climate-controlled storage. It operates as an agent of Bekins Van Lines. Cross Town Movers Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-61950) on July 11, 2025. In its petition, the Debtor reports total assets of $2,088,644 and total liabilities of $3,185,751. Honorable Bankruptcy Judge Thomas M. Renn handles the case. The Debtors are represented by Loren S. Scott, Esq. at THE SCOTT LAW GROUP. CTN HOLDINGS: Wants Chapter 11 Converted to Chapter 7 ----------------------------------------------------- Emlyn Cameron of Law360 Bankruptcy Authority reports that Aspiration Partners Inc., a sustainability-focused financial firm, has requested that its Delaware bankruptcy case be converted to Chapter 7, stating it has sold its assets, lacks the resources to continue under Chapter 11, and plans to move forward with a full wind-down. About CTN Holdings CTN Holdings Inc., formerly known as Aspiration Partners Inc., is a climate finance company specializing in providing high-quality carbon solutions to businesses worldwide. They connect companies with effective decarbonization strategies and a wide range of carbon removal projects, selling carbon credits sourced from a diverse network of project developers. The company is famous for providing carbon creditors of Microsoft Corp., Meta Platforms Inc., and other big companies. CTN Holdings Inc. and six of its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10613) on March 30, 2025. In the petition, the Debtors reported estimated assets of $50 million to $100 million and up to $50,000 and estimated liabilities of $100 million to $500 million. The petitions were signed by Miles Staglik as chief restructuring officer. The Debtors tapped Whiteford, Taylor & Preston LLC as counsel and BDO USA PC as tax consultants. Kurtzman Carson Consultants, LLC dba Verita Global, is the Debtors' claims and noticing agent. D & M VENTURES: Michael Colvard Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 7 appointed Michael Colvard as Subchapter V trustee for D & M Ventures, LLC. Mr. Colvard will charge $400 per hour for his services as Subchapter V trustee and $125 per hour for his support staff. The trustee will also seek reimbursement for work-related expenses incurred. Mr. Colvard declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael Colvard Weston Centre 112 East Pecan St., Ste. 1616 San Antonio, TX 78205 Email: mcolvard@mdtlaw.com Telephone: (210) 220-1334 About D & M Ventures D & M Ventures, LLC provides real estate consulting and development services, with a focus on public-private housing projects. It operates in Texas and holds a financial interest related to a multifamily housing development in Pharr. D & M Ventures sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-51433) on June 30, 2025, with $14,007,929 in assets and $906,188 in liabilities. Cynthia A. Marquez, D & M Ventures manager, signed the petition. Judge Craig A. Gargotta presides over the case. H. Anthony Hervol, Esq., at the Law Office of H. Anthony Hervol represents the Debtor as legal counsel. DATAVAULT AI: Registers $250M Mixed Shelf Offering -------------------------------------------------- Datavault AI Inc. filed a Registration Statement on Form S-3 with the U.S. securities and Exchange Commission, stating that it may offer and sell, from time to time in one or more offerings in traditional certificated form or in uncertificated form, any combination of common stock, preferred stock, debt securities, warrants, rights, or units having an aggregate offering price not exceeding $250,000,000. The preferred stock, debt securities, warrants, rights, and units may be exercisable or exchangeable for common stock or preferred stock or other securities of ours. These securities may be sold directly by the Company, through dealers or agents designated from time to time, to or through underwriters, dealers or through a combination of these methods on a continuous or delayed basis. For additional information on the methods of sale, see the section entitled "Plan of Distribution" in the prospectus. The Company will also describe the plan of distribution for any particular offering of its securities in a prospectus supplement. If any agents, underwriters or dealers are involved in the sale of any securities in respect of which this prospectus is being delivered, the Company will disclose their names and the nature of its arrangements with them in a prospectus supplement. The price to the public of such securities and the net proceeds it expects to receive from any such sale will also be included in a prospectus supplement. The Company's common stock is currently listed on the Nasdaq Capital Market ("Nasdaq") under the symbol "DVLT". On July 3, 2025, the last reported sale price of common stock on Nasdaq was $0.72. The aggregate market value of the Company's outstanding common stock held by non-affiliates is $51,070,730, based on 84,662,309 shares of outstanding common stock on July 2, 2025, of which 70,931,570 are held by non-affiliates, and a per share price of $0.72, based on the closing sale price of the Company's common stock on July 3, 2025. Pursuant to General Instruction I.B.6 of Form S-3, in no event will the Company sell its common stock in a public primary offering with a value exceeding more than one-third of the Company's public float in any 12-month period so long as the Company's public float remains below $75,000,000. During the previous 12 calendar months prior to and including July 7, 2025, the Company had not offered any of its securities pursuant to General Instruction I.B.6 of Form S-3. A full-text copy of the Registration Statement is available at: https://tinyurl.com/33f37f2h About Datavault AI Datavault AI Inc. (f/k/a WiSA Technologies, Inc.) -- www.wisatechnologies.com -- develops and markets spatial audio wireless technology for smart devices and home entertainment systems. The Company's WiSA Association collaborates with consumer electronics companies, technology providers, retailers, and industry partners to promote high-quality spatial audio experiences. WiSA E is the Company's proprietary technology for seamless integration across platforms and devices. San Jose, California-based BPM LLP, the Company's auditor since 2016, issued a 'going concern' qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company's recurring losses from operations, a net capital deficiency, available cash and cash used in operations raise substantial doubt about its ability to continue as a going concern. The Company has incurred net operating losses each year since inception. As of December 31, 2024, the Company had cash and cash equivalents of $3.3 million and reported net cash used in operations of $17.5 million during the year ended December 31, 2024. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to research and development activities, plans to expand its product portfolio, and increase its market share. The Company's ability to transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure. DNR REAL ESTATE: Jolene Wee Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for DNR Real Estate, LLC. Ms. Wee will be compensated at $640 per hour for work performed in 2025. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About DNR Real Estate DNR Real Estate, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-11304) on June 27, 2025, with up to $50,000 in assets and liabilities. Judge Brian F. Kenney oversees the case. DOUBLE H SERVICES: Case Summary & 19 Unsecured Creditors -------------------------------------------------------- Debtor: Double H Services, LLC 2611 N. 11th Street Enid, OK 73701 Business Description: Double H Services, LLC provides oilfield logistics and transportation services, including laydown machines, pipe hauling, forklift operations, and general trucking. The Company operates primarily in Oklahoma and serves clients in the energy and agricultural sectors. Chapter 11 Petition Date: July 14, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-33978 Debtor's Counsel: Richard L Fuqua, II, Esq. FUQUA & ASSOCIATES, P.C. 8558 Katy Fwy Suite 119 Houston TX 77024 Tel: (713) 960-0277 Email: fuqua@fuqualegal.com Total Assets: $1,053,870 Total Liabilities: $6,098,306 The petition was signed by Charles W Minshew III as president. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DUUNY5Y/Double_H_Services_LLC__txsbke-25-33978__0001.0.pdf?mcid=tGE4TAMA ELETSON HOLDINGS: Court Tosses Daniolos' Appeal on Sanctions Order ------------------------------------------------------------------ Judge Lewis J. Liman of the United States District Court for the Southern District of New York dismissed the appeal of Daniolos Law Firm from a sanctions order in the bankruptcy case of Eletson Holdings Inc. This appeal grows out of an order of the Bankruptcy Court on a motion for contempt. On Feb. 19, 2025, Eletson filed its emergency motion for entry of a further order in support of confirmation and consummation of the court-approved plan of reorganization. Among other requested relief, the Sanctions Motion asked that the Bankruptcy Court find the ordered parties in contempt of Court and impose coercive monetary sanctions against each of them. Daniolos objected to the Sanctions Motion, asserting, among other things: (i) that the Bankruptcy Court lacked jurisdiction because Daniolos was not served under the Hague Convention, and (ii) the exercise of jurisdiction over Daniolos was inconsistent with due process. For those reasons, Daniolos requested that the Bankruptcy Court deny the Sanctions Motion against it. The "Ordered Parties" referenced in the Sanctions Motion and its accompanying proposed order included Daniolos. At a March 12, 2025 hearing, the Bankruptcy Court expressed its disagreement with Daniolos's assertions regarding personal jurisdiction. The Court disagrees for several reasons. The Bankruptcy Court entered a formal written order the following day. In that order, the Bankruptcy Court granted the Sanctions Motion and found a number of persons whom it defined as the "Violating Parties" in contempt, but it did not find Daniolos in contempt, did not impose sanctions on Daniolos, and, indeed, did not order any relief against Daniolos. The Bankruptcy Court thus granted Daniolos the ultimate relief requested in its opposition. Daniolos appeals, pursuant to 28 U.S.C. Sec. 158(a) and Rules 8001, et. seq., of the Federal Rules of Bankruptcy Procedure. Appellee Eletson moves for an order dismissing this appeal in its entirety. Eletson argues that the Court lacks jurisdiction over this appeal for three independent reasons: (1) Daniolos is a prevailing party; (2) it lacks bankruptcy appellate standing; and (3) the Sanctions Order is not a final appealable order of the Bankruptcy Court. The District Court concludes Daniolos has not established its standing to appeal. According to the District Court, Daniolos' arguments are unavailing. Daniolos complains that if the Sanctions Order is not reversed, the Sanctions Order will be given collateral estoppel effect with respect to the Bankruptcy Court's determination of its personal jurisdiction over Daniolos, and it will subjected to the barrage of continued sanctions motion practice. Judge Liman explains, "The argument appears to rest on the propositions that the parties who were sanctioned by the Bankruptcy Court will not comply with that court's orders, that Daniolos will take actions that would violate the court's orders, that Eletson will bring a motion for contempt against Daniolos, and that the Bankruptcy Court will find that Daniolos has violated its orders. As the Bankruptcy Court made clear in its rulings, it was the actions of the parties who violated its orders that have frustrated the plan of confirmation and the confirmation order. If those parties comply, presumably there would be no occasion for a contempt motion against Daniolos alone." Eletson affirms that the order will not have any collateral estoppel effect. The District Court finds Daniolos has not identified any other respect in which the trial court's judgment aggrieves it or any legal prejudice it has suffered from those rulings. Eletson has chosen not to appeal the Bankruptcy Court's ruling denying the request for a contempt finding against Daniolos and imposing sanctions. Thus, there is no risk that, if the District Court does not decide Daniolos's jurisdictional arguments, it will be subject to liability on remand. According to the District Court, Daniolos's appeal also must be dismissed for an independent reason. Judge Liman holds, "The Sanctions Order does not directly and adversely affect any pecuniary interest of Daniolos. It does not require Daniolos to expend any funds nor does it require Daniolos to take any action. Indeed, it does not diminish Daniolos' property, increase its burdens, or detrimentally affect its rights. Accordingly, Daniolos is not a person aggrieved and it lacks standing to appeal." A copy of the Court's Memorandum and Order dated July 9, 2025, is available at https://urlcurt.com/u?l=scd3gI from PacerMonitor.com. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ELMA TRANSPORT: Janice Seyedin Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for Elma Transport, Inc. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Elma Transport Inc. Elma Transport Inc. is an Illinois-based trucking company. Elma Transport sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-09866) on June 27, 2025. In its petition, the Debtor reported estimated liabilities between $500,000 and $1 million, with assets ranging from $100,000 to $500,000. Judge Janet S. Baer handles the case. The Debtor is represented by Saulius Modestas, Esq., at Modestas Law Offices, P.C. ENDLESS POSSIBILITIES: L. Todd Budgen Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Endless Possibilities Therapy and Learning, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Endless Possibilities Therapy Endless Possibilities Therapy and Learning, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03966) on June 26, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Grace E. Robson presides over the case. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. EQUILATERAL INVESTMENT: John Whaley Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Equilateral Investment Group, LLC. Mr. Whaley will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Equilateral Investment Group Equilateral Investment Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code ((Bankr. N.D. Ga. Case No. 25-57288) on June 30, 2025. FIRST CLASS: Gets Extension to Access Cash Collateral ----------------------------------------------------- First Class Moving Systems, Inc. and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, to use cash collateral. At the recent hearing, the court extended the Debtors' authority to use cash collateral until July 24. The court's previous order issued on July 8 approved the Debtor's interim use of cash collateral to pay operating expenses in accordance with their budget, which projects total cash disbursements of $1,328,260 for July. The July 8 interim order granted a perfected post-petition lien to creditors with a security interest in the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. As additional protection, the Debtors were ordered to keep the secured creditors' collateral insured. As of the petition date, the Debtors' cash collateral was comprised of cash ($165,000), accounts receivable ($2,100,000), and inventory ($20,000) in the aggregate amount of $2,285,000. The U.S. Small Business Administration assert a blanket lien on the assets including cash, deposit accounts, and accounts receivable of First Class while De Lage Landen Financial Services, Inc. assert blanket liens on the cash collateral of Capital Asset Finance, Inc. Meanwhile, Valley National Bank asserts blanket liens on the assets of First Class and the cash collateral of Capital Asset Finance, First Class Moving Of South Florida and FC Equipment Leasing, Inc. About First Class Moving Systems Inc. First Class Moving Systems Inc. is a professional moving company offering residential and commercial moving services, as well as packing, logistics, and storage solutions. It has locations in Tampa, Miami/Fort Lauderdale; Gulfport, Miss.; Orlando, Fla.; and Bound Brook, N.J. First Class Moving Systems and its affiliates filed Chapter 11 petitions (Bankr. M.D. Fla. Lead Case No. 25-02243) on April 11, 2025. In its petition, First Class Moving Systems reported between $1 million and $10 million in both assets and liabilities. Judge Roberta A. Colton handles the cases. The Debtors are represented by Scott A. Stichter, Esq., and Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, P.A. Valley National Bank, as secured creditor, is represented by: Andrew W. Lennox, Esq. Casey Reeder Lennox, Esq. Lennox Law, P.A. P.O. Box 20505 Tampa, FL 33622 Tel: 813-831-3800 Fax: 813-749-9456 alennox@lennoxlaw.com clennox@lennoxlaw.com FTX TRADING: Former Execs Seek Dismissal From Trust Suit -------------------------------------------------------- James Nani of Bloomberg Law reports that two former executives of Binance Holdings Ltd. have asked a U.S. bankruptcy court to dismiss them from a $1.76 billion lawsuit brought by the FTX trust, which seeks to recover allegedly fraudulent transfers made by Sam Bankman-Fried. Samuel Wenjun Lim, Binance's former chief compliance officer, and former executive Dinghua Xiao argued that the Delaware bankruptcy court lacks jurisdiction over them due to their minimal connections to the U.S., according to the report. They also contend they did not receive any benefit from the transfers in question, according to motions to dismiss filed on July 11, 2025, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FUTURA ENTERPRISES: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Futura Enterprises Inc. Futura Building Systems 11857 Judd Court Suite 214 Dallas, TX 75243 Business Description: Futura Enterprises Inc., doing business as Futura Building Systems, provides residential and commercial construction services in Texas. The Company offers roofing, remodeling, gutters, siding, and renovation work, operating from its office in Dallas. Chapter 11 Petition Date: July 14, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-42551 Judge: Hon. Mark X Mullin Debtor's Counsel: Robert T DeMarco, Esq. DEMARCO MITCHEL, PLLC 500 N. Central Expressway Suite 500 Plano, TX 75074 Tel: (972) 991-5591 E-mail: robert@demarcomitchell.com Total Assets: $313,607 Total Liabilities: $2,583,194 The petition was signed by Irving Napert as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FN7VBXY/Futura_Enterprises_Inc__txnbke-25-42551__0001.0.pdf?mcid=tGE4TAMA GILBERT LEGGETT: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Gilbert Leggett Farms, Inc. DBA Gilbert Leggett Farms 830 US 13-17 South Windsor, NC 27983 Business Description: Gilbert Leggett Farms, Inc. grows and sells sweet potato seed plants, including the Covington variety, and is also involved in cultivating crops such as peanuts, sweet corn, and cotton. Chapter 11 Petition Date: July 14, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-02668 Judge: Hon. Pamela W Mcafee Debtor's Counsel: David J. Haidt, Esq. AYERS & HAIDT, PA PO Box 1544 307 Metcalf Street New Bern, NC 28563 Tel: 252-638-2955 Fax: 252-638-3293 E-mail: david@ayershaidt.com Total Assets: $2,329,639 Total Liabilities: $2,340,328 The petition was signed by Phyllis Leggett as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z6VSABI/Gilbert_Leggett_Farms_Inc__ncebke-25-02668__0001.0.pdf?mcid=tGE4TAMA GUNNISON VALLEY: Seeks to Extend Plan Exclusivity to Sept. 26 ------------------------------------------------------------- Gunnison Valley Properties, LLC, asked the U.S. Bankruptcy Court for the District of Colorado to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to September 26 and December 26, 2025, respectively. The Debtor seeks a 3-month extension of the exclusivity period and a corresponding extension of the solicitation deadline. The current exclusive period expires June 26, and the solicitation period expires September 26, 2025. Applying the pertinent factors here demonstrates that a 3-month extension of the exclusive periods is appropriate: * the size and complexity of the chapter 11 matters. Debtor's assets and debts are significant, Debtor asserts its assets have an estimated value of nearly $75MM. Debtor has approximately $28MM in undisputed secured debts and $10MM to $15MM in unsecured debts. Moreover, the issues to be resolved for moving the Gunnison Rising development forward or selling it are complex. * the necessity of sufficient time to allow the debtor to negotiate a plan of reorganization. Debtor intends to use the additional time before filing a plan to continue to evaluate and cultivate the paths forward. * the existence of good faith progress toward reorganization. The Debtor has made good faith efforts and progress towards reorganizing during the case. * the fact that the debtor is paying its bills as they become due. Because Debtor does not have employees, traditional business operations, or leases of real estate for which it is the tenant, Debtor's primary expenses are insurance, professional fees, and payment of its development manager. Debtor believes it is substantially current on its post-bankruptcy obligations. Debtor notes that Tomichi is a separate entity and remains substantially current on its obligations and debt service. * whether the debtor has demonstrated reasonable prospects for filing a viable plan. Debtor's best prospect for filing a plan is through the efforts, including moving forward with the Project, or a potential sale of the Project, and evaluating a sale of Tomichi and the parcels. Debtor has made material progress on those efforts and anticipates getting to a conclusion on those efforts prior to September 26, 2025. * whether the debtor is seeking an extension of exclusivity in order to pressure creditors to submit to the debtor's reorganization demand. Debtor is not seeking an extension to pressure creditors. The Debtor is seeking an extension to allow for sufficient time to evaluate and cultivate options for each path forward. * whether an unresolved contingency exists. A material unresolved contingency for one of the pathways is finding funding for the infrastructure. An additional material unresolved issue is DDC appealing to a conclusion the Summary Judgment Order. While Debtor's plan likely does not hinge on an outcome of any appeal, it remains an important issue that needs be resolved. Gunnison Valley Properties, LLC is represented by: Andrew D. Johnson, Esq. Joli A. Lofstedt, Esq. Gabrielle G. Palmer, Esq. ONSAGER | FLETCHER | JOHNSON | PALMER LLC 600 17th Street, Suite 425 North Denver, CO 80202 Tel: (720) 457-7059 Email: ajohnson@OFJlaw.com About Gunnison Valley Properties Gunnison Valley Properties LLC in Louisville, Colo., sought relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 24-15052) on Aug. 28, 2024, listing $50 million to $100 million in assets and $10 million to $50 million in liabilities. Byron Chrisman, manager, signed the petition. Judge Joseph G. Rosania Jr. oversees the case. Onsager | Fletcher | Johnson | Palmer LLC serves as the Debtor's legal counsel. HALL OF FAME: Extends Loan With Stark Foundation to Dec. 31 ----------------------------------------------------------- Hall of Fame Resort & Entertainment Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company and the Stark Community Foundation, Inc., an Ohio not-for-profit corporation entered into a First Amendment to Business Loan Agreement (and Amended and Restated Promissory Note. Pursuant to the First Amendment and A&R Note, which modify the original instruments dated June 11, 2024, the parties agreed to extend the maturity date from June 30, 2025 to December 31, 2025. As previously disclosed, the other key terms remain unchanged - specifically: (i) the interest rate remains at six percent (6%) per annum and upon an Event of Default, the interest shall equal the interest rate in effect pursuant to the provisions of the original note, plus five percent (5%) per annum; and (ii) with respect to repayment, the entire outstanding principal balance, all accrued interest and all other amounts that may be due and owing to SCF Lender shall be due upon maturity. About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of Dec. 31, 2024, the Company had $366.7 million in total assets, $294.5 million in total liabilities, and a total equity of $72.2 million. The Company's accumulated deficit was $273.6 million as of December 31, 2024. HELIUS MEDICAL: Files $25M ATM Offering Update With Roth Capital ---------------------------------------------------------------- As previously disclosed, on June 23, 2023, Helius Medical Technologies, Inc., entered into a Sales Agreement with Roth Capital Partners, LLC, as sales agent, pursuant to which the Company may offer and sell shares of the Company's common stock, par value $0.001 per share. On July 7, 2025, the Company filed an updated Prospectus Supplement for the offer and sale of up to $25 million of Shares through the Agent pursuant to the Sales Agreement. The Shares have been registered under the Securities Act of 1933, as amended, pursuant to the Company's Registration Statement on Form S-3 (File No. 333- 270433) and the Prospectus. Sales of the Shares, if any, may be made by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) of the Securities Act, including sales made directly on or through The Nasdaq Global Market or any other existing trading market for the Shares, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law. The Company intends to use the net proceeds, if any, from the offering for working capital and general corporate purposes, which may include, among other things, funding commercialization efforts and research and development activities. Honigman LLP, counsel to the Company, has issued an opinion relating to the Shares. A copy of such legal opinion, including the consent included therein, is available at https://tinyurl.com/yrtwyhjr The Shares will be sold pursuant to the Registration Statement, and offerings of the Shares will be made only by means of the Prospectus. This Current Report on Form 8-K shall not constitute an offer to sell or solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such state or jurisdiction. About Helius Medical Headquartered in Newtown, Pennsylvania, Helius Medical Technologies, Inc. (www.heliusmedical.com) is a neurotechnology company dedicated to neurological wellness. The Company's mission is to develop, license, or acquire non-implantable technologies aimed at reducing the symptoms of neurological disease or trauma. Its flagship product, the Portable Neuromodulation Stimulator (PoNS), is an innovative, non-implantable medical device consisting of a controller and a mouthpiece that delivers mild electrical stimulation to the surface of the tongue, offering treatment for gait deficits and chronic balance deficits. In its report dated March 25, 2025, the Company's auditor since 2022, Baker Tilly US, LLP, issued a "going concern" qualification, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has recurring losses from operations and an accumulated deficit, expects to incur losses for the foreseeable future, and requires additional working capital. These factors raise substantial doubt about their ability to continue as a going concern. As of March 31, 2025, Helius Medical Technologies had $3.5 million in total assets, $2.2 million in total liabilities, and total stockholders' equity of $1.3 million. KENBENCO INC: Gets Final OK to Use Cash Collateral -------------------------------------------------- Kenbenco, Inc. and its affiliates received final approval from the U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division to use cash collateral. The final order authorized the Debtors to use the cash collateral of secured creditors, U.S. Small Business Administration and Newtek Small Business Finance, LLC, in accordance with their budget. As protection for any diminution in value of their interest in the cash collateral, the secured creditors will be granted a fully perfected replacement lien, subordinate only to any Clerk's filing fees, U.S. trustee fees, and fees and commissions of a hypothetical Chapter 7 trustee of up to $10,000. The replacement lien does not apply to any causes of action under Sections 542 through 553 of the Bankruptcy Code. As further protection, the Debtors must also make payments to Newtek pursuant to the terms of their previous stipulation. About Kenbenco Inc. Kenbenco, Inc. is a structural and miscellaneous fabrication company in Saugerties, N.Y. It conducts business under the name Benson Steel Fabricators. Kenbenco and its affiliates, JJ Ben Corporation and Ben Mur, Inc., filed voluntary Chapter 11 petitions (Bankr. S.D.N.Y. Lead Case No. 24-35470) on May 10, 2024. At the time of the filing, Kenbenco reported between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Kyu Young Paek oversees the cases. The Debtor is represented by Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP. Newtek Small Business Finance, LLC, as secured creditor is represented by: Tae Hyun Whang, Esq. Law Offices of Tae H. Whang, LLC 185 Bridge Plaza North, Suite 201 Fort Lee, NJ 07024 (201) 461-0300 KLX ENERGY: Geveran Investments, 2 Others Hold 1.8% Equity Stake ---------------------------------------------------------------- Geveran Investments Limited, Greenwich Holdings Limited, and C.K. Limited, disclosed in a Schedule 13D/A (Amendment No. 1) filed with the U.S. Securities and Exchange Commission that as of July 1, 2025, they beneficially own 322,339 shares of KLX Energy Services Holdings, Inc.'s Common Stock, $0.01 par value, representing 1.8% of the 17,553,935 shares of Common Stock outstanding. Geveran Investments Limited may be reached through: C/o Seatankers Management Co. Ltd. P.O. Box 53562 Limassol, G4, CY-3399 Tel: (357) 25-858-300 A full-text copy of Geveran Investments' SEC report is available at: https://tinyurl.com/3vn9fky8 About KLX Energy KLX Energy Services Holdings, Inc. -- https://www.klxenergy.com/ -- is a provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active major basins throughout the United States. The Company delivers mission-critical oilfield services focused on drilling, completion, production, and intervention activities for technically demanding wells from over 60 service and support facilities located throughout the United States. * * * In March 2025, S&P Global Ratings raised its issuer credit rating and issue level rating to 'CCC+' from 'CCC' and revised the outlook to 'stable' from 'negative on Houston-based oilfield services company KLX Energy Services Holdings Inc. Subsequently, S&P withdrew all ratings on KLX, including its 'CCC+' issuer credit rating and issue-level rating, at the issuer's Request. In June 2025, Moody's Ratings assigned a Caa2 rating to KLX Energy Services Holdings, Inc.'s (KLXE) senior secured notes due 2030 and changed the ratings outlook to stable from negative. The Caa1 Corporate Family Rating and Caa1-PD Probability of Default Rating were affirmed. The Speculative Grade Liquidity Rating (SGL) was changed to SGL-3 from SGL-4. KOLSTEIN MUSIC: Gets Extension to Access Cash Collateral -------------------------------------------------------- Kolstein Music, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the recent hearing, the court extended the Debtor's authority to use cash collateral until August 20, the date of the next hearing. The court's initial order issued on July 8 approved the Debtor's interim use of cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by the U.S. Small Business Administration. The initial order granted SBA and smaller creditors a perfected replacement lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy lien. As further protection, the Debtor was required to keep its property insured in accordance with its loan and security agreements with secured creditors. The Debtor's cash collateral is comprised of cash on hand and funds to be received during normal operations, which may be encumbered by the lien of SBA by virtue of a UCC-1 financing statement filed with the State of New York on May 30, 2020. About Kolstein Music Inc. Kolstein Music, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03511) on June 8, 2025, listing up to $1 million in both assets and liabilities. Andrew Layden serves as Subchapter V trustee. Judge Tiffany P. Geyer oversees the case. The Debtor is represented by: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP Tel: 407-481-5800 dvelasquez@lathamluna.com LIFESCAN GLOBAL: Finalizes RSA to Hand Control to Lenders --------------------------------------------------------- James Crombie of Bloomberg News reports that LifeScan Global Corp. is nearing a deal on a restructuring support agreement that would hand control of the glucose-monitoring company to its second-lien creditors. Under the proposed terms, Platinum would retain a roughly 5% ownership stake. As part of the plan, LifeScan intends to offer approximately $100 million to repurchase a portion of its first-lien term loan at about 85 cents on the dollar. The proposal also includes issuing a new first-lien loan, expected to carry an interest rate of 5.5 percentage points over the Secured Overnight Financing Rate (SOFR) and feature a 2% annual amortization, according to report. About Lifescan Global Corporation LifeScan Global Corporation is a provider of blood glucose monitoring systems for home and hospital use. LIFESCAN INC: Files Prearranged Chapter 11 to Cut Debt by 75% ------------------------------------------------------------- LifeScan, Inc., a world leader in blood glucose monitoring, announced on July 15, 2025, that it has entered into a Restructuring Support Agreement with its first- and second-lien lenders and current equity sponsor, Platinum Equity, that will transform its balance sheet and position the Company for a stronger and more profitable future. As contemplated in the RSA, LifeScan expects to reduce more than 75% of its debt, which will enable the Company to accelerate strategic investments that will support the future of the business. To implement the RSA as efficiently as possible, LifeScan filed voluntary petitions for prearranged chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. LifeScan's international subsidiaries are not included in the chapter 11 filing in the U.S. The Company expects to emerge from this process under the majority ownership of a group of the Company's existing lenders, with whom it has had a longstanding and productive relationship. Importantly, the Company's financial partners recognize the strong and growing potential of the glucose management industry, and through this process have committed their support for LifeScan's go-forward strategy. "This balance sheet restructuring will significantly strengthen LifeScan's financial position, enabling us to continue serving more than 20 million customers across 50+ countries and put new growth strategies in place," said Valerie Asbury, Chief Executive Officer of LifeScan. "LifeScan is always evolving to meet the needs of our valued customers. In the U.S., we will continue to take action to expand access to OneTouch(R) so consumers can continue to manage their health with our reliable and affordable products, without the need for a prescription. We recognize that our products are essential for people with diabetes to make life-sustaining decisions and are evolving our model to bring products and services to market through multiple channels. I am deeply grateful for the partnership of our lenders and sponsor and the unyielding commitment of our employees, which will enable us to become a stronger company and create a world without limits for people with diabetes." With a stronger financial foundation upon emerging from this process, LifeScan will be better positioned to invest in its global business. The Company will continue to prioritize product availability and superior customer service as it works proactively to become one of the most comprehensive players in the glucose management industry. As part of this effort, the Company intends to accelerate strategies in the U.S. market that offer both stronger economics and more predictable patient access. LifeScan will continue to operate in the ordinary course of business during its chapter 11 cases and is focused on delivering on its commitments to customers, vendors, and employees. The Company has filed a number of customary "first day" motions which, upon approval by the Court, will enable LifeScan to continue operating as usual, including continuing to pay employee wages and benefits, maintaining customer programs, and honoring post-petition obligations to vendors. The Company expects to have the necessary liquidity to support operations during this process and anticipates emerging from chapter 11 by the end of the year. Additional information is available through the Company's claims agent, Epiq at https://dm.epiq11.com/LifeScan. Stakeholders with questions can contact Epiq by calling 888-832-9472 (U.S./Canada) or 971-318-6618 (International) or emailing lifescaninfo@epiqglobal.com. Advisors Milbank LLP and Porter Hedges LLP are serving as legal advisors, Alvarez & Marsal is serving as financial and restructuring advisor, PJT Partners LP is serving as investment banker, and C Street Advisory Group is serving as strategic communications advisor to the Company. Davis Polk & Wardwell LLP is serving as legal advisor and Houlihan Lokey is serving as investment banker to an ad hoc group of lenders that entered into the RSA. About LifeScan LifeScan is a global leader in blood glucose monitoring and digital health technology and has a vision to create a world without limits for people with diabetes. More than 20 million people and their caregivers around the world count on LifeScan's OneTouch(R) brand products to manage their diabetes. Together, LifeScan and OneTouch(R) improve the quality of life for people with diabetes with products and digital platforms defined by simplicity, accuracy, and trust. For more information, please visit LifeScan.com. LITTLE MINT: Seeks to Extend Plan Exclusivity to August 28 ---------------------------------------------------------- The Little Mint, Inc., asked the U.S. Bankruptcy Court for the Eastern District of North Carolina to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to August 28 and October 27, 2025, respectively. The Debtor filed its proposed Plan of Reorganization and Disclosure Statement on May 30, 2025. The hearing on the Disclosure Statement is scheduled for July 15, 2025. The Debtor intends to amend its Plan and Disclosure Statement upon pending negotiations with all secured and unsecured creditors. The Debtor requests that the period in which it has the exclusive right to file a Plan of Reorganization under Section 1121(b) of the Bankruptcy Code and the acceptance period under Section 1121(c)(3) of the Bankruptcy each be extended for a period of approximately sixty days. The Debtor explains that an extension of the exclusivity and acceptance periods will allow the company time to continue to make progress in negotiations with its many creditors. Accordingly, cause exists to extend the exclusivity and acceptance periods. The Debtor claims that an order allowing the extensions as requested in this application will not prejudice any party and is in the best interests of the Estate and all parties in interest. The Little Mint Inc. is represented by: Rebecca Redwine Grow, Esq. Jason L. Hendren, Esq. Benjamin E.F.B. Waller, Esq. Lydia C. Stoney, Esq. Hendren, Redwine & Malone PLLC 4600 Marriott Drive Suite 150 Raleigh, NC 27612 Telephone: (919) 420-7867 Facsimile: (919) 420-0475 Email: jhendren@hendrenmalone.com rredwine@hendrenmalone.com bwaller@hendrenmalone.com lstoney@hendrenmalone.com About The Little Mint Inc. The Little Mint Inc., doing business as Hwy 55 Burgers Shakes & Fries, owns multiple Hwy 55 Burgers, Shakes & Fries restaurants. The Little Mint Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 24-04510) on Dec. 31, 2024. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Judge Joseph N. Callaway presides over the case. Rebecca F. Redwine, Esq. of HENDREN, REDWINE & MALONE, PLLC represents the Debtor as counsel. LPB MHC: Farmer State Bank Can't File Claims for Zanotti, BJZ Law ----------------------------------------------------------------- Judge Mary P. Gorman of the United States Bankruptcy Court for the Southern District of Illinois sustained the objections of LPB MHC, LLC d/b/a Sam C. Mitchell & Associates, to claims 7-1 and 8-1 filed by Farmers State Bank of Alto Pass on behalf of Brandon Zanotti and BJZ Law, LLC, respectively. The claims will be disallowed. The Debtor is a law firm engaged in the practice of law concentrating in personal injury and workers' compensation cases. The law firm was owned and operated by member managers LPB Law, LLC, controlled by Attorney Lance P. Brown, and MHC Law, LLC, controlled by Attorney Matthew H. Caraway, until Aug. 1, 2022. On that date, a Revised Operating Agreement was signed, adding new member manager, BJZ Law, LLC, controlled by Brandon J. Zanotti. Ownership of the Debtor was divided equally between the three member managers, with each holding a 33.33% interest upon execution of the Revised Operating Agreement. According to documents included in the filings of all parties, BJZ Law paid $2.4 million for its interest in the Debtor financed by Farmers State Bank where Mr. Zanotti served on the board of directors. The $2.4 million payment was made by BJZ Law on Oct. 12, 2022. The loan from Farmers State Bank was secured by a commercial security agreement executed by Mr. Zanotti on behalf of BJZ Law, Mr. Zanotti's personal guarantee, a life insurance policy on his life, and real estate owned by SCM Real Estate LLC, a company formed and managed by Mr. Brown, Mr. Caraway, and Mr. Zanotti. As part of the transaction, Mr. Zanotti began practicing law as an employee of the Debtor and was compensated accordingly. The Debtor, LPB MHC, LLC d/b/a Sam C. Mitchell & Associates, filed its voluntary petition under Chapter 11 Subchapter V on Nov. 5, 2024. In its subsequently filed schedules, the Debtor listed Farmers State Bank of Alto Pass as potentially holding a claim against it in the amount of $2.4 million secured by "inventory, chattel paper, accounts, equipment, general intangibles, and fixtures." The debt was marked as disputed. Mr. Zanotti is listed as the holder of a disputed unsecured claim against the Debtor in the amount of $275,000. On Jan. 13, 2025 -- one day before the deadline for filing proofs of claim other than for a governmental unit -- Farmers State Bank filed two more claims, one on behalf of Mr. Zanotti for an unknown amount and the other on behalf of BJZ Law for not less than $2.5 million. The claims each state that they are being filed on behalf of the respective creditors. Both claims are signed by Farmers State Bank's attorney as "the creditor's assignee and attorney in fact or authorized agent." In January 2025, the Debtor filed two separate adversary proceedings -- one against Mr. Zanotti and BJZ Law and the other against Farmers State Bank. The complaint in the Zanotti adversary proceeding asserted claims of breach of contract in relation to the Revised Operating Agreement, fraudulent inducement, breach of fiduciary duty, subrogation, unjust enrichment, and declaratory relief as to the termination of BJZ Law and Mr. Zanotti's membership, employment, or other affiliation with the Debtor. The complaint in the Farmers State Bank adversary proceeding asserted counts objecting to the claims filed by Farmers State Bank on its own behalf as well as those filed on behalf of Mr. Zanotti and BJZ Law. The complaint also included counts for "libel and other tortious conduct" based on Farmers State Bank's communication with defense counsel in cases involving the Debtor as plaintiff's counsel, equitable subordination of Farmers State Bank's claims, and other declaratory relief as to what claim or interest Farmers State Bank has in the Debtor's property. In the main bankruptcy case, the Debtor filed objections to claims 7-1 and 8-1 filed by Farmers State Bank on behalf of Mr. Zanotti and BJZ Law, respectively. The claim objections, with notice directed only to Farmers State Bank's attorney who signed and filed the claims, are based on: (1) the claims not being debts due and owing from the Debtor; (2) the claims being subject to the Debtor's rights to subrogation and/or setoff; (3) the claims not being supported by documentation available to the Debtor; (4) the alleged assignors, Brandon Zanotti/BJZ Law, having breached and not fulfilled their obligations under their agreement with the Debtor; (5) the claims being legally insufficient as they do not specify the amount allegedly owed; (6) Farmers State Bank not having demonstrated standing to bring the claims under Bankruptcy Rule 3001(b), as neither the notification of assignment letter nor any other documents attached to the claims shows a transfer of the claims; and (7) the claims are to be invalidated, lessened, and/or subordinated through the remedies sought in the adversary proceedings against the Zanotti defendants. As to claims 7-1 and 8-1, the Court questioned what procedural authority there was for Farmers State Bank to have filed claims on behalf of Mr. Zanotti and BJZ Law in the manner and under the circumstances that it did and how the validity of those claims could affect the disposition of the adversary cases. The Debtor subsequently filed additional objections to claims 7-1 and 8-1, this time specifically directed to Mr. Zanotti and BJZ Law in care of their attorney. Specifically, the objections assert that the claims were "not filed by the proper party pursuant to Rule 3001(b)" requiring that the proof of claim be executed by the creditor or creditor's authorized agent in that the bank was not acting as BJZ Law or Mr. Zanotti's authorized agent in filing the claim, and therefore "no proper proof of claim was filed" for the Zanotti parties prior to the claims bar date. According to Judge Gorman, "Farmers State Bank is neither the debtor nor the trustee. Likewise, there is no argument to be made that Farmers State Bank is liable with the Debtor to Mr. Zanotti or BJZ Law or has given security for a debt owed to Mr. Zanotti or BJZ Law. To the contrary, Farmers State Bank is the creditor to whom Mr. Zanotti, BJZ Law, and the Debtor are alleged to owe a debt." Farmers State Bank and the Zanotti parties now primarily argue that the bank had express and implied authority to file claims on behalf of Mr. Zanotti and BJZ Law as "the creditor's agent" under Rule 3001(b). In making the argument, the parties highlight a recent change in the Rule language removing the qualification that an agent be "authorized," suggesting that the change relaxed what had previously been interpreted as a requirement of express authority to now include implied authority. The Court is not persuaded that the recent amendment to Rule 3001 substantively changed the requirements for who may file claims for creditors. Even so, express and implied authority are both premised on actual authority; the former is shown through words, and the latter is established through circumstantial evidence. Ultimately, the Court finds the claim proponents failed to establish that Farmers State Bank had actual authority to file claims 7- 1 and 8-1 on behalf of Mr. Zanotti and BJZ Law. Both claims will therefore be disallowed. A copy of the Court's Opinion dated July 10, 2025, is available at https://urlcurt.com/u?l=LdXvz9 from PacerMonitor.com. About LPB MHC LPB MHC, LLC, doing business as Sam C. Mitchell and Associates, is a law firm that concentrates in personal injury and workers' compensation cases. LPB MHC, LLC, filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 24-40450) on November 5, 2024, with up to $10 million in both assets and liabilities. Lance P. Brown, managing member, signed the petition. Judge Mary P. Gorman oversees the case. Robert Eggmann, Esq., represents the Debtor as legal counsel. LUTHERAN HOME: Court Denies Motions to Lift Automatic Stay ---------------------------------------------------------- Judge Michael B. Slade of the United States Bankruptcy Court for the Northern District of Illinois denied motions for relief from the automatic stay in the bankruptcy case of Lutheran Home and Services for the Aged, Inc. without prejudice. Four motions to lift the automatic stay are set for hearing on July 23, 2025. The motions seek relief identical to two prior motions that Judge Slade denied earlier in these chapter 11 cases: authority (a) to pursue lawsuits against the Debtors in state court and recover any judgments against insurance proceeds and (b) for the Debtors to satisfy any remaining self-insurance retention ("SIR") under their insurance policy. The Debtors are not-for-profit corporations that own and operate a skilled nursing facility and retirement communities in Illinois and Indiana. The Debtors and their advisors are actively running a marketing process for a sale, financing, or restructuring transaction that is expected to be proposed for approval this November and yield a plan ripe for confirmation in March of 2026. Since the petition date, six motions for relief from the automatic stay have come before me, all by plaintiffs in personal injury or wrongful death suits pending in state court against the Debtors -- and two by the same plaintiff, the administrator of the estate of George Makris. Judge Slade denied the first Makris motion and another motion filed by Selma Ellis earlier in these cases. The remaining four motions are still pending: (A) Twohey Motion Douglas Twohey, executor of the estate of Audrey Twohey, sued certain Debtors and non-debtors on April 15, 2024 (a year after the alleged incident, and nine months after Ms. Twohey died) in the Circuit Court of Cook County, Case No. 2024 L 4094, alleging, among other things, violations of the Illinois Nursing Home Care Act and negligence. Other than the suit being pending for nearly a year prepetition, the motion provides no information as to the status of the litigation or what amount (if any) of the $125,000 SIR has been used on this claim. (B) Makris Motion Dennis Makris, Administrator of the Estate of George Makris, sued Debtor Lutheran Home for the Aged, Inc. and two non-debtors on Feb. 28, 2023 (two years after Mr. Makris died) in the Circuit Court of Cook County, Case No. 2023 L 4686, alleging violations of the Illinois Nursing Home Care Act and medical negligence. Other than the suit being pending for two years prepetition, the motion provides no information as to the status of the litigation or what amount (if any) of the $125,000 SIR has been used on this claim. (C) Kemnetz Motion Ernest Kemnetz sued two Debtors and a non-debtor affiliate on April 19, 2024 (two years after his injury) in the Circuit Court of Cook County, Case No. 2024 L 4326, alleging violations of the Illinois Nursing Home Care Act and negligence. Other than the suit being pending for nearly a year prepetition, the motion provides no information as to the status of the litigation or what amount (if any) of the $125,000 SIR has been used on this claim. (D) Kurjanski Motion Marcella Kurjanski sued Debtor Lutheran Home for the Aged, Inc. on Nov. 12, 2024 (about 14 months after her injury) in the Circuit Court of Cook County, Case No. 2024 L 12706, alleging a violation of the Illinois Nursing Home Care Act. Other than the suit being pending for several months prepetition, the motion provides no information as to the status of the litigation or what amount (if any) of the $125,000 SIR has been used on this claim. The movants all ask the Court to lift the stay to permit their lawsuits to proceed so that they can attempt to recover insurance proceeds. But while they each purport to be limiting their recovery to insurance and deny any impact on the estate, they all include a request to direct or allow the Debtors to pay out of estate assets any unsatisfied portion of the Policy's $125,000 per claim SIR. It should be obvious that these requests thus are not limited solely to insurance proceeds, and in fact implicate a significant amount of estate property. According to Judge Slade, "If I granted the relief requested, under the terms of the Policy, the Debtors might be compelled to front the payment of defense costs with only the hope of reimbursement from their carrier for amounts in excess of $125,000 per claim, while being required to manage the defense of the suits. However, the automatic stay does not bar settlement negotiations and the Debtors and their carrier would be smart to explore settlements where appropriate and -- perhaps with the assistance of the Creditors' Committee -- begin thinking through how properly preserved tort claims will be liquidated and addressed in the forthcoming plan of reorganization." A copy of the Court's Memorandum Opinion dated July 10, 2025, is available at https://urlcurt.com/u?l=t7oZcX from PacerMonitor.com. About Lutheran Home and Services for the Aged, Inc. Lutheran Home and Services for the Aged, Inc. is a non-profit, mission-driven community offering a range of services including assisted living, memory care, skilled nursing, and short-term rehabilitation, along with extensive outpatient rehabilitation therapy. Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 25-01705). At the time of the filing, Lutheran Home reported between $100 million and $500 million in both assets and liabilities. The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy counsel; McDonald Hopkins, LLC as Illinois counsel; and one point Partners, LLC as financial advisor. Stretto is the claims, noticing, solicitation, balloting, and tabulation agent. MID SOUTH MATTRESS: Elisabeth Donnovin Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Elisabeth Donnovin as Subchapter V trustee for Mid South Mattress Co. Ms. Donnovin will be paid an hourly fee of $325 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Donnovin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Elisabeth B. Donnovin Johnson & Mulroony, P.C. 428 McCallie Avenue Chattanooga, TN 37402 Phone: (423) 266-2300 Email: edonnovin@johnsonmulroony.com About Mid South Mattress Mid South Mattress Co., sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-11620) on June 27, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. Roy Michael Roman, Esq., at Rmr Legal, PLLC represents the Debtor as bankruptcy counsel. MINI MANIA: Gets Final OK to Use Cash Collateral Until Nov. 22 -------------------------------------------------------------- Mini Mania, Inc. received final approval from the U.S. Bankruptcy Court for the Eastern District of California to use cash collateral from July 6 to November 22. The Debtor was authorized to use cash collateral in accordance with its budget, with the ability to deviate from the amounts set forth in the budget without notification to the secured creditors. If actual gross revenues exceed the projected revenues, the Debtor may apply up to 75% of such excess (beyond the projected gross revenues) to costs of goods sold and the balance of such excess to expenses. As protection for the Debtor's use of their cash collateral, secured creditors including Bank of America, N.A., Kapitus Servicing, Inc., and Kapitus LLC, will be granted a replacement lien on all post-petition assets of the Debtor, excluding avoidance power actions and recoveries. The replacement lien has the same validity, extent, and priority as the secured creditors' pre-bankruptcy liens. In addition, the Debtor must pay $1,900 monthly to Bank of America during the period. The Debtor's business generates revenue primarily through upfront customer payments and has limited receivables. It identifies Bank of America, N.A. as the likely senior and fully secured creditor with a properly perfected lien in the cash collateral. The Debtor projects approximately $1,071,000 in receipts and $1,037,135 in disbursements over the cash collateral period, resulting in a positive net cash flow of $33,865. About Mini Mania Mini Mania Inc., doing business as Sprintboostersales.com, owns and operates automotive parts, accessories, and tire stores. On the Web: https://minimania.com/ Mini Mania filed Chapter 11 petition (Bankr. E.D. Calif. Case No. 24-22456) on June 4, 2024, with total assets of $1,155,121 and total liabilities of $3,312,513. Jonathan Harvey, president of Mini Mania, signed the petition. Judge Fredrick E. Clement oversees the case. Steven R. Fox, Esq., at The Fox Law Corporation, Inc. and The Patrick Rettig Corporation serve as the Debtor's legal counsel and financial consultant, respectively. Bank of America, N.A., as secured creditor, is represented by: Raffi Khatchadourian, Esq. Hemar, Rousso & Heald, LLP 15910 Ventura Boulevard, 12th Floor Encino, CA 91436 Telephone: (818) 501-3800 Facsimile: (818) 501-2985 info@hrhlaw.com MOSAIC COMPANIES: Gets Interim OK to Obtain DIP Loan From Truist ---------------------------------------------------------------- Mosaic Companies, LLC and affiliates received interim approval from the U.S. Bankruptcy Court for the District of Delaware to use cash collateral and obtain post-petition financing to get through bankruptcy. This post-petition financing is a $15 million debtor-in-possession credit facility from Truist Bank, the Debtor's pre-bankruptcy asset-based lender. It includes $9 million available on an interim basis and mirrors the terms of the existing credit agreements, offering favorable terms including a 75-basis point upfront fee. The facility incorporates a "creeping roll-up" of the pre-bankruptcy ABL loans through cash sweeps and re-borrowing mechanisms. Given the lack of unencumbered cash, the Debtors need this financing from Truist Bank to fund operations and complete the sale of substantially all assets of Walker & Zanger, LLC and the Anthology business of Surfaces Southeast, LLC to WZ Buyer, LLC under an asset purchase agreement, subject to court approval. The Debtors also need to access the bank's cash collateral through the closing of the sale. The Debtors said that no better financing alternatives are available given their capital structure, which includes $65 million in secured debt. Priming or junior DIP financing would not be feasible without creditor consent, which is unlikely. The DIP Facility is due and payable on the earliest to occur of the following: (a) September 30; (b) The interim facility maturity date (the date that is 30 days after the entry of the interim DIP order) if a final DIP order has not been entered by such date; (c) Acceleration of the obligations due to the occurrence of an event of default; (d) The date on which any plan of reorganization becomes effective in any Chapter 11 case; (e) Entry of an order by the bankruptcy court in any Chapter 11 case (i) dismissing such case or converting it to a Chapter 7 proceeding or (ii) appointing a Chapter 11 trustee or an examiner with enlarged powers relating to the operation of the business of the borrowers (powers beyond those set forth in Sections 1106(a)(3) and (4) of the Bankruptcy Code), in each case without the consent of the administrative agent and the lenders; and (f) The filing or support by any Debtor of a plan of reorganization that does not provide for the indefeasible payment in full, in cash, of all secured obligations upon the effective date of such plan; provided that, in each case, if such day is not a business day, the DIP facility maturity date will be the business Day immediately succeeding such day. The Debtors are required to comply with several transaction milestones including: a. No later than five days after the petition date, the filing of a private sale motion, in form and substance reasonably acceptable to pre-petition agents Truist Bank and Oaktree Fund Administration, LLC seeking authority to (i) consummate the sale transaction and (ii) set a closing date to occur within 60 days of the petition date; b. No later than 30 days from entry of the interim order (subject to the court's availability), entry of the final order in form and substance acceptable to the pre-petition agents; c. No later than 40 days after the petition date, entry of an order approving the retention of a financial advisor reasonably acceptable to the pre-petition agents, with the terms of the financial advisor's engagement reasonably satisfactory to the pre-petition agents and consistent with pre-petition discussions regarding fees; d. No later than 14 days after the petition date, the filing of a Chapter 11 plan and disclosure statement, each in form and substance acceptable to the pre-petition agents; e. No later than 50 days after the filing of an acceptable plan, approval of solicitation of such plan As security for the payment of the Debtors' obligations under the DIP facility, Truist Bank will be granted, subject to the carve-out, valid, enforceable, unavoidable, and fully perfected first priority security interests in and liens on all property of the Debtors, whether existing on the petition date or thereafter acquired. In addition to the DIP liens, all of the DIP obligations will constitute allowed superpriority administrative expense claims, with priority over all administrative expenses of the Debtors. Use of Cash Collateral All the Debtors' cash, including any cash in deposit accounts, wherever located, constitutes cash collateral of Truist Bank, Oaktree and the lenders. The bankruptcy court's interim order authorized the Debtors to use cash collateral (i) for working capital and general corporate purposes; (ii) for payment of expenses of bankruptcy professionals; (iii) for payment of fees and expenses of Truist Bank and Oaktree; (iv) for payment of interest due on the DIP loans and adequate protection payments; (v) for pre-petition payments authorized by the court pursuant to orders approving the Debtors' first-day motions; and (vi) for repayment of obligations under the pre-petition ABL Credit Agreement dated as of September 27, 2021. The Debtors' authority to continue their use of cash collateral is subject to the following conditions: (i) the Debtors must timely perform its obligations to provide adequate protection to the lenders; (ii) no event of default under the interim DIP order or under the DIP credit agreement occurs; (iii) Truist Bank must not terminate commitments under the DIP credit agreement and accelerate the DIP obligations; and (iv) the court must not enter an order dismissing or converting the Debtors' Chapter 11 case and appointing a Chapter 11 trustee or examiner. A court hearing to consider final approval of the DIP financing and cash collateral access is set for August 5. The deadline for filing objections is on July 29. As of the petition date, the Debtors operate 11 showrooms, two warehouses, and serve retail and wholesale customers nationwide. Their prepetition debt includes approximately $14 million under the ABL facility (originally $40 million) and over $51 million under a term loan facility, both secured by substantially all assets and governed by an intercreditor agreement between Truist and Oaktree. The Debtors also estimate around $5 million in unpaid trade payables. A copy of the interim DIP order is available at: http://bankrupt.com/misc/MosaicCompanies_InterimDIPOrder.pdf About Mosaic Companies Mosaic Companies, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11296) on July 8, 2025. In the petition signed by Randall Jackson, group president and chief executive officer, the Debtor disclosed up to $50 million in assets and up to $500 million in liabilities. Judge Craig T. Goldblatt oversees the case. Mathew B. Harvey, Esq., at Morris, Nichols, Arsht & Tunnell LLP, represents the Debtor as legal counsel. Truist Bank, as DIP Lender, is represented by: Michael J. Merchant, Esq. Jason M. Madron, Esq. Richards, Layton & Finger, P.A. One Rodney Square 920 North King Street Wilmington, DE 19801 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 merchant@rlf.com madron@rlf.com -- and -- Stephen E. Gruendel, Esq. Matthew K. Taylor, Esq. Moore & Van Allen, PLLC 100 North Tryon Street, Suite 4700 Charlotte, NC 28202-4003 Telephone: (704) 331-1000 Facsimile: (704) 378-1989 stevegruendel@mvalaw.com matthewtaylor@mvalaw.com MURPHDOG LLC: Seeks to Sell Brewing Assets at Auction ----------------------------------------------------- MurphDog, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Assets, free and clear of liens, claims, and encumbrances. Debtor was engaged in the business of brewing and canning beer, and distilling spirits, which were offered for sale at its brewery / bar location and also (in the case of beer) through sales of canned beer offsite. Debtor attempted to reorganize, prepetition, by exploring various methods to increase revenue, including by adding additional product lines, and also by seeking additional investors. The market forces, including declining nationwide beer sales, that affected Debtor have caused many microbreweries or craft breweries to file bankruptcy and to close. Debtor has concluded that a sale of its assets is in the best interest of its creditors. Debtor's assets remain at the location of its prepetition operations, and Debtor will incur post-petition rent until the assets are disposed of, for which reason a quick sale is important for limiting expenses. Included in the Assets that are for sale are certain items of large equipment, in some instances, contain parts that are joined together, and in certain instances, contains sets of numerous items, some of which may be fragile. The tangible assets and their description that are to be auctioned are on Exhibit A attachment. The Georgia Department of Labor (GA DOL) filed several liens against the Property. The Debtor proposes that all assets be sold free and clear of any and all liens, including the GA DOL liens, with any and all liens to attach to the net proceeds of the sale after paying the auctioneer, to the same extent and in the same amount as any such liens had on the assets being sold. In order to facilitate and effectuate the sale of its assets, the Debtor wishes to employ Bullseye Auction & Appraisal, LLC as Debtor's auctioneer and asset sale broker in this matter. The auctioneer is well qualified to perform the work required in this case and is experienced in the matters for which auction and related marketing services are required. Prior to the auction, Auctioneer would extensively market the assets being sold. That marketing includes: a. Posting information on the BullseyeAuctions.com website and sending email blasts to Applicants database of over 15,000 potential purchasers; b. Website postings of the assets being sold on numerous websites visited by those seeking to purchase assets at auction, including websites such as AuctionLook.com, AuctionZip.com, GoToAuction.com, EstateSale.com, and EstateSales.net; c. Postings on Facebook.com in multiple groups including Facebook marketplace; d. Postings on social media sites such as Linkedin, Instagram, and other sites; e. Posting on Craigslist.com; f. Posting on an industry specific website – e.g., BrewBids.com – and sending email blasts to industry specific recipients; and/or g. Placing double-sided signs at and/or near the location of Debtor’s equipment being sold. The auction would be conducted through an online format. Auctioneer has utilized the online auction format in numerous other instances, including for bankruptcy asset sales, and has found it to generate substantial bidding in most instances. Use of the online format allows for bidding by potential buyers who might not otherwise travel to Atlanta to bid at an in-person auction. Auctioneer has an “app” available through the App Store and Google play, which facilitates bidding remotely. The sale of Debtor's assets would be "AS IS", without warranties being given by Debtor or Auctioneer, and "WHERE IS" such that the buyer(s) would be required to pick-up and transport the assets within a reasonable time after conclusion of the auction. The auctioneer intends to conduct the sale of Debtor's assets at the same time as a sale of brewery equipment owned by Mr. Joe Schaar, who was Debtor’s former brewmaster, as the joint sale is likely to maximize interest from buyers by providing a larger pool of furniture, fixtures and equipment for sale than the Debtor’s FF&E alone. Debtor proposes to market the assets for 30 to 45 days prior to auction, which Auctioneer has advised is sufficient marketing to generate an appropriate level of interest for the contemplated sale. Debtor believes that selling its assets through an auction is in the best interest of creditors as a way to maximize value and minimize expenses. By auctioning the assets where they are, the estate saves the expense of disassembling, moving, storing, and selling assets from another location. About MurphDog, LLC MurphDog LLC, d/b/a Ironmonger Brewing Company, Naughty Soda, Ironmonger Brewing & Distilling, and Ironmonger Taproom + Axe Throwing, operates in Marietta, Georgia, under various trade names including Ironmonger Brewing Company, Naughty Soda, Ironmonger Brewing & Distilling, and Ironmonger Taproom + Axe Throwing. The Company is engaged in the beverage and entertainment industry, offering craft brewing, soda production, and recreational services. MurphDog LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-56326) on June 5, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtors are represented by Michael D. Robl, Esq. at ROBL & BOWEN LLC. NETCAPITAL INC: Closes $5M Equity Offering With HC Wainwright ------------------------------------------------------------- Netcapital Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company agreed to sell to such investors 714,286 shares of the Company's common stock, par value $0.001 per share at a purchase price of $7.00 per Share. The Shares were offered by the Company pursuant to its shelf registration statement on Form S-3 (File No. 333-267921), which was declared effective by the Securities and Exchange Commission on October 26, 2022. Concurrently with the sale of the Shares, pursuant to the Purchase Agreement in a concurrent private placement, for each Share purchased by the investors, such investors received from the Company an unregistered warrant to purchase one share of Common Stock. The Warrants have an exercise price of $6.88 per share, and are exercisable immediately upon issuance for a 24-month period following the date of effectiveness of the Resale Registration Statement. The closing of the sales of these securities under the Purchase Agreement took place on July 7, 2025. The gross proceeds from the offering were approximately $5 million, prior to deducting placement agent's fees and other offering expenses payable by the Company. The Company intends to use approximately $320,000 of the net proceeds from the Offering for the repayment of certain outstanding promissory notes and the remainder for general working capital purposes. The representations, warranties and covenants contained in the Purchase Agreement were made solely for the benefit of the parties to the Purchase Agreement. In addition, such representations, warranties and covenants (i) are intended as a way of allocating the risk between the parties to the Purchase Agreement and not as statements of fact, and (ii) may apply standards of materiality in a way that is different from what may be viewed as material by stockholders of, or other investors in, the Company. Accordingly, the Purchase Agreement is included with this filing only to provide investors with information regarding the terms of the transaction, and not to provide investors with any other factual information regarding the Company. Moreover, information concerning the subject matter of the representations and warranties may change after the date of the Purchase Agreement, which subsequent information may or may not be fully reflected in public disclosures. On November 7, 2024, the Company entered into an engagement agreement with H.C. Wainwright & Co., LLC, as exclusive placement agent, as amended on each of January 21, 2025, April 2, 2025, April 9, 2025 and July 2, 2025, pursuant to which the Placement Agent agreed to act as placement agent on a reasonable "best efforts" basis in connection with the Offering. The Company agreed to pay the Placement Agent an aggregate cash fee equal to 7.5% of the gross proceeds from the sale of securities in the Offering and a management fee equal to 1% of the gross proceeds raised in the Offering. The Company also agreed to issue the Placement Agent (or its designees) a warrant to purchase up to 7.5% of the aggregate number of shares of Common Stock sold in the offering, or warrants to purchase up to 53,571 shares of Common Stock, at an exercise price equal to 125% of the offering price per share of Common Stock, or $8.75 per share. In addition, upon the cash exercise of Warrants, the Company also agreed to issue Wainwright (or its designees) additional Placement Agent Warrants to purchase an amount of share of Common Stock equal to 7.5% of the aggregate number of Warrants Shares issued upon cash exercise of the Warrants. The Placement Agent Warrants are (or will be) exercisable immediately upon issuance for a period of five years following the commencement of the sales pursuant to the Offering. In addition, the Company agreed to pay the Placement Agent $25,000 for non-accountable expenses, and $50,000 for legal expenses and other out-of-pocket expenses. Pursuant to the terms of the Purchase Agreement and subject to certain exceptions as set forth in the Purchase Agreement, from the date of the Purchase Agreement until five trading days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents. The Company has agreed to file a registration statement on Form S-3 (or other appropriate form if the Company is not then S-3 eligible) providing for the resale of the Warrant Shares within 30 calendar days of the date of the Purchase Agreement, and to use commercially reasonable efforts to cause the Resale Registration Statement to be declared effective by the SEC within 60 calendar days following the date of the Filing Date and to keep the Resale Registration Statement effective at all times until the Holders no longer own any Common Warrants or Common Warrant Shares. The foregoing descriptions of the Warrant, Placement Agent Warrant, and Purchase Agreement are not complete and are qualified in their entirety by reference to the full text of the respective forms filed as Exhibits 4.1, 4.2, and 10.1 to the Current Report on Form 8-K. The legal opinion and consent of Parr Brown Gee & Loveless, P.C. regarding the validity of the securities issued in the Offering is filed as Exhibit 5.1. All documents are available in the Form 8-K filed on July 7, 2025, available at https://tinyurl.com/4z98wv56. About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities ssociation. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated July 29, 2024, citing that the Company has negative working capital, net operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of January 31, 2025, the Company had $39,900,677 in total assets, $4,930,412 in total liabilities, and total stockholders' equity of $34,970,265. NEWBURY PALACE: James LaMontagne Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 1 appointed James LaMontagne of Sheehan Phinney Bass & Green as Subchapter V trustee for Newbury Palace Pizza, LLC. Mr. LaMontagne will be paid an hourly fee of $475 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. LaMontagne declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James S. LaMontagne, Esq. Sheehan Phinney Bass & Green 75 Portsmouth Boulevard, Suite 110 Portsmouth, NH 03801 Phone: (603) 627-8102 jlamontagne@sheehan.com About Newbury Palace Pizza Newbury Palace Pizza, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10453) on June 30, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Eleanor Wm Dahar, Esq., represents the Debtor as legal counsel. OAK AND FORT: Court Sets Aug. 15, 2025 D&O Claims Bar Date ---------------------------------------------------------- On July 4, 2025, the Supreme Court of British Columbia issued an order (the "Claims Process Order") in the CCAA Proceedings of Oak and Fort Corp., 1282339 B.C. Ltd., Oak and Fort US Group, Inc., Oak and Fort Enterprise (U.S.), Inc., NYM Merger Holdings LLC, and Oak and Fort California, LLC (collectively, the "O&F Entities"), requiring that, all Persons who assert a Claim against the O&F Entities, whether unliquidated, contingent or otherwise, and all Persons who assert a Claim against Directors and Officers of the O&F Entities (as defined in the Claims Process Order, a "D&O Claim"), must file a Proof of Claim (with respect to Claims against the O&F Entities) or D&O Proof of Claim (with respect to D&O Claims) with KSV Restructuring Inc. (the "Monitor") on or before 4:00 p.m. (Vancouver time) on August 15, 2025 (the "Claims Bar Date") by sending the Proof of Claim or D&O Proof of Claim to the Monitor by prepaid registered mail, courier, personal delivery or email (PDF) transmission at the following address: KSV Restructuring Inc,, in its capacity as the Court Appointed CCAA Monitor of Oak and Fort Corp., 1282339 B.C. Ltd., Oak and Fort US Group, Inc., Oak and Fort Enterprise (U.S.), Inc, NYM Merger Holdings LLC, and, Oak and Fort California, LLC 220 Bay Street, Suite 1300 Toronto ON M5J 2W4 Attention: Roni Levit Phone: 416-932-6021 Email: oakandfort@ksvadvisory.com Pursuant to the Claims Process Order, Claims Packages including the form of Proof of Claim and D&O Proof of Claim, will be sent to all known Claimants pursuant to the terms of the Claims Process Order. Claimants may also obtain the Claims Process Order and Claims Package from the Monitor's website at: https://www.ksvadvisory.com/experience/case/oakandfort, or by contacting the Monitor at oakandfort@ksvadvisory.com Only Proofs of Claim and D&O Proofs of Claim actually received by the Monitor on or before 4:00 p.m. (Vancouver time) on August 15, 2025 will be considered filed by the Claims Bar Date. CLAIMS AND D&O CLAIMS WHICH ARE NOT RECEIVED BY THE APPLICABLE CLAIMS BAR DATE WILL BE BARRED AND EXTINGUISHED FOREVER. About Oak and Fort Corp. Oak and Fort Corp. is a specialty retailer based in and managed from Vancouver, British Columbia. The Company offers a broad range of fashion apparel, accessories, jewellery, and homeware under the "Oak + Fort" brand through its e-commerce websites and 42 retail stores across Canada and the United States. It focuses on minimalist design, cost-conscious fashion, and sustainable practices. Oak and Fort Corp. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11282) on June 6, 2025. Honorable Bankruptcy Judge Martin Glenn handles the case. KSV Restructuring Inc. is the Debtor's foreign representative. The foreign representative's counsels are Warren A. Usatine, Esq. and Mark Tsukerman, Esq. at COLE SCHOTZ P.C. ONDAS HOLDINGS: Partners With Klear Inc. for Non-Dilutive Finance ----------------------------------------------------------------- Ondas Holdings Inc. announced a new partnership agreement with Klear, Inc., a financial technology company offering non-dilutive working capital and treasury management solutions purpose-built for businesses serving critical supply chains. Under the terms of the agreement, Klear will serve as Ondas' preferred working capital finance partner across its expanding platform of subsidiaries, affiliates, and acquired companies. The partnership aims to accelerate liquidity access for innovation-focused companies operating within the Ondas ecosystem and to support Ondas' strategic growth through acquisitions of capital-constrained but high-potential defense and security related drone and AI technology platforms. "As we continue to scale our operations through both organic growth and strategic acquisitions, access to efficient, non-dilutive capital is essential for unlocking the potential of the companies we partner with," said Eric Brock, Chairman and CEO of Ondas Holdings. "Klear brings a differentiated financial capability that complements our vision to build a high growth operating and financial platform servicing industries including defense, homeland security, public safety and critical infrastructure markets. This partnership reinforces our commitment to support the operational and financial resilience of the innovators in our network." The teaming agreement establishes a collaborative framework through which Ondas and Klear will jointly support acquired and affiliated companies with embedded capital tools, liquidity planning, and treasury management infrastructure. Klear's suite of working capital solutions is designed to reduce friction in financial operations for smaller suppliers and technology innovators who often face restricted access to credit and capital markets. "As our clients drive innovation across key industries like mobility, energy, aerospace and defense, and healthcare, they need tools that help them remain agile and grow to meet the pace and scale of global demand," said Chris Hale, CEO of Klear. "We are proud to partner with Ondas to ensure that the companies they acquire, and support are equipped with modern financial infrastructure to thrive in complex, dynamic supply chains." Through this partnership, Ondas and its subsidiaries and industry partners gain access to a comprehensive, off-balance sheet working capital solution that improves their resilience and growth trajectory--without relying on equity issuance or corporate capital injection. About Ondas Holdings Marlborough, Mass.-based Ondas Holdings Inc. provides private wireless data solutions through its subsidiary, Ondas Networks Inc., and commercial drone solutions through Ondas Autonomous Systems Inc. (OAS), which includes wholly owned subsidiaries American Robotics, Inc. and Airobotics LTD. OAS focuses on the design, development, and marketing of autonomous drone solutions, while Ondas Networks specializes in proprietary, software-based wireless broadband technology for both established and emerging commercial and government markets. Together, Ondas Networks, American Robotics, and Airobotics deliver enhanced connectivity, situational awareness, and data collection capabilities to users in defense, homeland security, public safety, and other critical industrial and government sectors. In an audit report dated March 12, 2025, the Company's auditor, Rosenberg Rich Baker Berman, P.A., issued a "going concern" qualification, citing that the Company has experienced recurring losses from operations, negative cash flows from operations and a working capital deficit as of Dec. 31, 2024. As of Dec. 31, 2024, Ondas Holdings had $109.62 million in total assets, $73.68 million in total liabilities, $19.36 million in redeemable noncontrolling interest, and $16.58 million in total stockholders' equity. ONE TABLE RESTAURANT: Defends Chapter 11 Dismissal -------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that the estate of One Table Restaurant Brands LLC, former operator of the Tender Greens and Tocaya restaurant chains, is defending its request to dismiss its Chapter 11 case, pushing back against objections from the U.S. Trustee’s Office, which argued the move would violate bankruptcy regulations. About One Table Restaurant Brands One Table Restaurant Brands, LLC is a next generation restaurant platform of best-in-class emerging concepts. The company is based in Los Angeles, Calif. One Table Restaurant Brands and its affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 24-11553) on July 17, 2024. At the time of the filing, One Table Restaurant Brands reported total assets of up to $50,000 and total liabilities of up to $50 million. The Debtors are represented by Thomas Joseph Francella, Jr., Esq., at Raines Feldman Littrell, LLP. CR3 Partners, LLC as financial advisor. Hilco Corporate Finance, LLC as investment banker. Raines Feldman Littrell LLP as Delaware bankruptcy counsel. PACIFICA CMFM: Starr May Withdraw as Counsel -------------------------------------------- In the case captioned as DANIEL HAWKINS et al., Plaintiffs, -against- CHIP H. ZOEGALL et al., Defendants, Case No. 23-cv-04040-KAM-JMW (E.D.N.Y.), Magistrate Judge James M. Wicks of the United States District Court for the Eastern District of New York granted in part and denied in part the motion of Vildan Erturk Starr and Stephen Z. Starr to withdraw as counsel of record for plaintiffs. Starr Counsel's motion is granted in part to the extent that Starr Counsel is terminated as counsel of record for Plaintiff and denied without prejudice as to the assertion of a charging lien under Judiciary Law Sec. 475. Daniel Hawkins and DD Restaurant Group commenced this action against Chip H. Zoegall, Cetricfm Solutions, Inc., Pacifica Cmfm Group, LLC, and Riham M. Farid a/k/a/ Rei Farid seeking to enforce a previously entered judgment against Defendants and hold Defendants liable for various acts taken to thwart Plaintiffs from successfully entering a judgment in this Court. Defendant Zoegall is a debtor and debtor-in-possession in the chapter 11 proceeding of In re Chip H. Zoegall, No. 24-70681 (LAS). Before the District Court is counsel Vildan Erturk Starr and Stephen Z. Starr motion to withdraw as counsel for Plaintiffs on grounds of breakdown of attorney-client relationship -- mainly due to cessation of communication from counsel -- and failure to pay legal fees. Counsel for Plaintiffs also asserts a charging lien pursuant to N.Y. Judiciary Law Sec. 475. According to the District Court, under these circumstances, withdrawal based on lack of communication leading to a breakdown in attorney-client relationship, in addition to nonpayment of legal fees, is permitted. After considering the allegations of breakdown of attorney-client relationship and failure to pay legal fees, coupled with no opposition to the withdrawal portion of Starr Counsel's motion, Starr Counsel has established satisfactory reasons for permissive withdrawal in this matter pursuant to New York Rule of Professional Conduct 1.16(c)(5) and (c)(7), the District Court finds. Request for a Charging Lien Starr Counsel asserts a charging lien pursuant to N.Y. Judiciary Law Sec. 475 for $100,000, which consists of: $68,927.30 in unpaid legal fees and expenses billed through April 24, 2025; and an additional $31,072.70 for anticipated fees and expenses related to: (a) additional fees and expenses incurred after that date; (b) the motion to withdraw; (c) any related proceedings before the District Court regarding the lien; (d) proceedings before the Bankruptcy Court to be relieved as counsel in this matter; and (e) seeking relief from the automatic stay in the bankruptcy cases to assert lien rights in the District Court. Starr Counsel, however, indicates that it must first seek to be relieved as counsel in the pending Bankruptcy Court cases which all Defendants are currently parties and seek a lift of the current automatic stay in Bankruptcy Court. Current counsel for Plaintiffs, Jeb Singer, opposes the request for a charging lien, namely arguing that outgoing counsel has not filed a proper motion for a fee award or for adjudication of a charging lien, thus the dispute is not ripe at this time, and it intends on filing legal malpractice claims against outgoing counsel which would bar any recover for a charging lien. Because the determination on the charging lien is dependent upon resolution of matters before the Bankruptcy Court, the District Court need not determine the propriety of the assertion of a charging lien now and, therefore, denies that part of Starr Counsel's Motion as moot. A copy of the Court's Order dated June 26, 2025, is available at https://urlcurt.com/u?l=3Mvo5o from PacerMonitor.com. About Pacifica CMFM Group Pacifica CMFM Group, LLC and Centric Fm Solutions, Inc. are affiliated and related businesses owned and operated by Chip Zoegall and Rihman Farid. It provides construction management, program management and consulting services for commercial and multi-unit residential facilities. Farid is the sole shareholder and serves as president, with Zoegall providing operational support. Centric provides facility management and support services for capital improvement programs and everyday facility support to primarily commercial entities. Zoegall is the sole shareholder and serves as its president. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-72182) on June 20, 2023, with up to $50,000 in assets and up to $500,000 in liabilities. Judge Louis A. Scarcella oversees the case. The Debtor tapped Todd E. Duffy, Esq., at DuffyAmedeo LLP and Velebit Consulting as legal counsel and accountant, respectively. The case was converted to Chapter 7 on March 6, 2024. PARTY CITY: Plan Confirmation Hearing Scheduled for August 27 ------------------------------------------------------------- IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS, HOUSTON DIVISION In re: PARTY CITY HOLDCO INC., et al., Debtors. Chapter 11 Case No. 24-90621 (ARP) (Jointly Administered) NOTICE OF HEARING TO CONSIDER (I) THE ADEQUACY OF THE DISCLOSURE STATEMENT AND (II) CONFIRMATION OF THE JOINT CHAPTER 11 PLAN OF LIQUIDATION FILED BY THE DEBTORS AND RELATED VOTING AND OBJECTION DEADLINES On June 30, 2025, Party City Holdco Inc. and its debtor affiliates, as debtors and debtors in possession (collectively, the "Debtors") in the cases, filed the Joint Chapter 11 Plan of Liquidation of Party City Holdco Inc. and Its Debtor Affiliates [Docket No. 1685-1] (as may be amended, modified, or supplemented from time to time, the "Plan"), and a disclosure statement for the Plan [Docket No. 1685-2] (as may be amended, modified, or supplemented from time to time, the "Disclosure Statement") pursuant to section 1125 of chapter 11 of title 11 of the United States Code, 11 U.S.C. Secs. 101 et seq. (the "Bankruptcy Code"). On June 30, 2025, the United States Bankruptcy Court for the Southern District of Texas (the "Court") entered an order [Docket No. 1687] (the "Disclosure Statement Order"): (a) conditionally approving the Disclosure Statement as containing "adequate information" pursuant to section 1125 of the Bankruptcy Code, (b) authorizing the Debtors to solicit votes on the Plan, (c) approving the solicitation materials and documents to be included in the solicitation packages, (d) approving procedures for soliciting, receiving, and tabulating votes on the Plan and for filing objections to the Plan, and (e) establishing procedures relating to Administrative/Priority Claims. Copies of the Plan and the Disclosure Statement may be obtained free of charge by visiting the website maintained by the Debtors' Notice and Claims Agent, Kroll Restructuring Administration LLC (the "Notice and Claims Agent"), at https://cases.ra.kroll.com/PCHI2024/. Copies of the Plan and Disclosure Statement may also be obtained by calling the Notice and Claims Agent at +1 (646) 798-8469 (international toll) or (877) 510-9565 (domestic toll-free). A hearing to consider confirmation of the Plan and the adequacy of the Disclosure Statement on a final basis will commence on August 27, 2025, at 9:00 a.m. (prevailing Central Time) before The Honorable Alfredo R. Perez, United States Bankruptcy Judge, in Courtroom 400 of the United States Bankruptcy Court, 5TS Rusk Avenue, Houston, Texas 77002, or as soon thereafter as counsel may be heard (the "Combined Hearing"). Critical information Regarding Voting on the Plan. Within four (4) business days after entry of the Disclosure Statement Order, or as soon as reasonably practicable thereafter (the "Solicitation Deadline"), the Debtors will complete the initial mailing of the solicitation packages to solicit votes to accept or reject the Plan from the Holders of Claims in Class 1, Class 3, and Class 4, each of record as of June 25, 2025, (the "Voting Record Date"). The deadline for the submission of votes to accept or reject the Plan is at 4:00 p.m. (prevailing Central Time) on August 20, 2025, unless such time is extended by the Debtors. Critical Information Regarding Objecting to the Plan or Disclosure Statement. Any objections to confirmation of the Plan and the adequacy of the Disclosure Statement on a final basis must (a) be in writing; (b} conform to the Bankruptcy Code, Bankruptcy Rules, the Bankruptcy Local Rules, and any orders of the Court; (c) state, with particularity, the basis and nature of any objection to the Plan or Disclosure Statement and, if practicable, a proposed modification to the Plan or Disclosure Statement that would resolve such objection; and (d) be filed with the Court on or before August 20, 2025, at 4:00 p.m. (prevailing Central Time) (the Plan and Disclosure Statement Objection Deadline"). UNLESS AN OBJECTION IS TIMELY SERVED AND FILED IN ACCORDANCE WITH THIS NOTICE (THE "NOTICE"), IT MAY NOT BE CONSIDERED BY THE COURT. IF THE PLAN IS CONFIRMED BY THE COURT, IT WILL BE BINDING ON THE DEBTORS, THE WIND-DOWN DEBTORS, ANY AND ALL HOLDERS OF CLAIMS OR INTERESTS (REGARDLESS OF WHETHER THEIR CLAIMS OR INTERESTS ARE DEEMED TO HAVE ACCEPTED OR REJECTED THE PLAN), ALL ENTITIES THAT ARE PARTIES TO OR ARE SUBJECT TO THE SETTLEMENTS, COMPROMISES, RELEASES, DISCHARGES, AND INJUNCTIONS DESCRIBED IN THE PLAN OR THE CONFIRMATION ORDER, EACH ENTITY ACQUIRING PROPERTY UNDER THE PLAN OR THE CONFIRMATION ORDER, AND ANY AND ALL NON-DEBTOR PARTIES TO EXECUTORY CONTRACTS AND UNEXPIRED LEASES WITH THE DEBTORS. Important Information Regarding Discharges, Injunctions, Exculpations, and Releases. If you do not opt out of granting the releases set forth in the Plan, you shall be deemed to have consented to the releases contained in Article VIII.C of the Plan. YOU ARE ADVISED AND ENCOURAGED TO CAREFULLY REVIEW AND CONSIDER THE PLAN, INCLUDING THE RELEASE, DICULPATION, AND INJUNCTION PROVISIONS, AS YOUR RIGHTS MAY BE AFFECTED. About Party City Holdco Party City Holdco Inc. (NYSE: PRTY) is the global leader in the celebrations' industry, with its offerings spanning more than 70 countries around the world. It is also the largest designer, manufacturer, distributor, and retailer of party goods in North America. Party City Holdco had 761 company-owned stores as of September 2022. It is headquartered in Woodcliff Lake, N.J. with additional locations throughout the Americas and Asia. Party City Holdco and its domestic subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90621) on Dec. 21, 2025. As of Petition date, the Debtor estimated $1 billion to $10 billion in both assets and liabilities. The petitions were signed by Deborah Rieger-Paganis as chief restructuring officer. Judge Alfredo R Perez oversees the cases. The Debtors tapped Paul, Weiss, Rifkind, Wharton & Garrison, LLP, and Porter Hedges LLP as legal counsel; AlixPartners, LLP as financial advisor; A&G Realty Partners as real estate advisor; and Kroll as the claims agent. Gordon Brothers Retail Partners, LLC and Gordon Brothers Commercial & Industrial, LLC represents the Debtors as Store Closing Advisor. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The committee is represented by Pachulski Stang Ziehl & Jones, LLP. PET RINSE: Court Extends Cash Collateral Access to Aug. 31 ---------------------------------------------------------- Pet Rinse Repeat, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Missouri to use cash collateral. The court's second interim order authorized the Debtor to use cash collateral through August 31 to pay its expenses in accordance with the budget it filed with the court. The budget projects total monthly operational expenses of $57,121.88. Arvest Equipment Finance, a secured creditor, will be provided with protection in the form of a replacement lien on property acquired by the Debtor after its Chapter 11 filing that is similar to its pre-bankruptcy collateral, and monthly payments totaling $6,167.88 for the three separate loans it obtained from the secured creditor. Arvest asserts a first priority security interest in and liens on the Debtor's assets, including, but not limited to, cash, bank accounts and accounts receivable, which constitute its cash collateral. As of the petition date, Arvest is owed $310,976.79 by the Debtor. The final hearing is scheduled for August 27. Arvest is represented by: Sharon L. Stolte, Esq. Pamela R. Putnam, Esq. Sandberg Phoenix & von Gontard P.C. 4600 Madison Avenue, Suite 1000 Kansas City, MO 64112 Tel: 816.627.5543 Fax: 816.627.5532 sstolte@sandbergphoenix.com pputnam@sandbergphoenix.com About Pet Rinse Repeat LLC Pet Rinse Repeat, LLC operates a mobile and in-store dog grooming and boarding business in the Kansas City area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-40747-btf11) on May 19, 2025. In the petition signed by Amy Ramatowski, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Brian T. Fenimore oversees the case. The Debtor is represented by Erlene W. Krigel, Esq., Krigel Nugent Moore, P.C. PI GARUDA: Amy Denton Mayer Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for PI Garuda, LLC. Ms. Mayer will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About PI Garuda PI Garuda, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01198) on June 26, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Caryl E. Delano presides over the case. PI ISHAN: Amy Denton Mayer Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 21 appointed Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. as Subchapter V trustee for PI Ishan, LLC. Ms. Mayer will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Mayer declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Amy Denton Mayer Stichter Riedel Blain & Postler P.A. 110 East Madison Street, Suite 200 Tampa, FL 33602 Phone: (813)229-0144 Email: amayer@subvtrustee.com About PI Ishan PI Ishan ,LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01199) on June 26, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Caryl E. Delano presides over the case. PUERTO RICO: Sunnova's Chapter 11 Complicates Solar Fund Payments ----------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Puerto Rico's solar installers are keeping a close eye on how Sunnova Energy International Inc.'s bankruptcy -- and any transfer of its assets -- will affect the release of millions in federal reimbursements for installing solar panels in underserved communities. The company partnered with local dealers to carry out installations under a $281 million agreement with the U.S. Department of Energy announced in 2023, according to the report. While the reimbursements represent only a fraction of Sunnova's overall debt, they highlight the wider consequences of the Chapter 11 case for businesses on the island, according to Bloomberg Law. About Puerto Rico Puerto Rico is a self-governing commonwealth in association with the United States. The chief of state is the President of the United States of America. The head of government is an elected Governor. There are two legislative chambers: the House of Representatives, 51 seats, and the Senate, 27 seats. The governor-elect is Ricardo Antonio â€œRickyâ€ Rossello Nevares, the son of former governor Pedro Rossello. In 2016, the U.S. Congress passed PROMESA, which, among other things, created the Financial Oversight and Management Board and imposed an automatic stay on creditor lawsuits against the government, which expired May 1, 2017. The members of the oversight board are: (i) Andrew G. Biggs, (ii) Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J. Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii) David A. Skeel Jr. On May 3, 2017, the Commonwealth of Puerto Rico filed a petition for relief under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (â€œPROMESAâ€). The case is pending in the United States District Court for the District of Puerto Rico under case number 17-cv-01578. A copy of Puerto Rico PROMESA petition is available at http://bankrupt.com/misc/1701578-00001.pdf On May 5, 2017, the Puerto Rico Sales Tax Financing Corporation (COFINA) commenced a case under Title III of PROMESA (D.P.R. Case No. 17-01599). Joint administration has been sought for the Title III cases. On May 21, 2017, two more agencies â€” Employees Retirement System of the Government of the Commonwealth of Puerto Rico and Puerto Rico Highways and Transportation Authority (Case Nos. 17-01685 and 17-01686) commenced Title III cases. U.S. Chief Justice John Roberts named U.S. District Judge Laura Taylor Swain to preside over the Title III cases. The Oversight Board has hired as advisors, Proskauer Rose LLP and Oâ€™Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic consultant, Citigroup Global Markets as municipal investment banker, and Ernst & Young, as financial advisor. Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M. Abelson, Esq., of Proskauer Rose LLP; and Hermann D. Bauer, Esq., at O'Neill & Borges LLC are onboard as attorneys. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains the case Web site https://cases.primeclerk.com/puertorico Jones Day is serving as counsel to certain ERS bondholders. Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General Obligation Bondholders. About Sunnova Energy Sunnova Energy International Inc. (NYSE: NOVA) is an industry-leading adaptive energy services company focused on making clean energy more accessible, reliable, and affordable for homeowners and businesses. Through its adaptive energy platform, Sunnova provides a better energy service at a better price to deliver its mission of powering energy independence. Sunnova Energy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90160) on June 8, 2025. In its petition, the Debto reports estimated assets and liabilities between $10 billion and $50 billion each. The Debtor is represented by Jason Gary Cohen, Esq. at Bracewell, LLP. QUADRA FS: Plan Exclusivity Period Extended to September 13 ----------------------------------------------------------- Judge Stacey L. Meisel of the U.S. Bankruptcy Court for the District of New Jersey extended Quadra FS Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 13 and November 12, 2025, respectively. As shared by Troubled Company Reporter, the Debtor submits that sufficient "cause" exists to extend its Exclusive Periods for a period of 75 days each. While the Debtor's case is not a large or complex one, the reconciliation, allowance, and treatment of the substantial tax-related claims filed against the estate will be perhaps the most critical process in the Debtor's attempt to emerge successfully from Chapter 11. The Debtor explains that affording the company an additional 75 days to incorporate those efforts into a plan, one that the Debtor hopes to obtain widespread creditor acceptance of, will not prejudice any creditors; to the contrary, granting the Debtor an extension of its Exclusive Periods, which is the first such request in this case, will help foster a successful reorganization. Quadra FS Inc., is represented by: LAW OFFICES OF KENNETH L. BAUM LLC Kenneth L. Baum, Esq. 201 W. Passaic Street, Suite 104 Rochelle Park, New Jersey 07662 (201) 853-3030 (201) 584-0297 Facsimile Email: kbaum@kenbaumdebtsolutions.com About Quadra FS Inc. Quadra FS Inc., doing business as Quadra Furniture Solutions and Quadra Furniture & Spaces, is a luxury staging and furniture rental company offering bespoke design solutions to elevate the value and appeal of properties. With over two decades of expertise, the Company is committed to providing a customized approach to staging that delivers faster sales and higher prices for real estate owners. Quadra FS Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-12162) on March 2, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Judge Stacey L. Meisel oversees the case. The Debtor tapped the Law Offices of Kenneth L. Baum, LLC as counsel and Kurcias, Jaffe & Company LLP as accountant. RAFTER H FARM: Gets Interim OK to Use Cash Collateral Until July 23 ------------------------------------------------------------------- Rafter H Farm and Ranch, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Abilene Division, to use cash collateral. The court's second interim order authorized the Debtor's interim use of cash collateral pending the final hearing, which is scheduled for July 23. The Debtor's cash collateral includes pre-bankruptcy accounts receivable collected and funds generated from continued operations. As of the petition date, liens or other interests are asserted against the cash collateral by the U.S. Small Business Administration ($201,130), BlueVine Inc. ($83,568), FBN Finance, LLC ($415,162), Libertas Funding, LLC ($172,615), United First, LLC ($58,000), and Midwest Regional Bank ($722,972). The Debtor also has around nine unsecured creditors with total claims estimated at $1.3 million. As protection for any diminution in value of cash collateral used by the Debtor, the secured creditors will receive a replacement lien on post-petition assets similar to their pre-bankruptcy collateral. The Debtor's authority to use cash collateral terminates on July 23 or upon dismissal of the Debtor's Chapter 11 case; the conversion of the case to one under Chapter 7; the appointment or election of a trustee (other than the Subchapter V trustee) or examiner with expanded powers; the effective date or consummation date of a plan of reorganization; the use of cash collateral contrary to the terms of the interim order; or the entry of an order of the court reversing, staying, vacating or otherwise modifying in any material respect the terms of the interim order. About Rafter H Farm and Ranch Rafter H Farm and Ranch, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-10112-bwo11) on June 11, 2025. In the petition signed by Sam Hemphill, managing member, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. Judge Brad W. Odell oversees the case. Joseph Fredrick Postnikoff, Esq., at Rochelle McCullough, LLP, represents the Debtor as legal counsel. FBN Finance, LLC, as secured creditor, is represented by: Jason P. Kathman, Esq. Laurie N. Patton, Esq. Spencer Fane, LLP 5700 Granite Parkway, Suite 650 Plano, TX 75024 Phone: (972) 324-0300 Fax: (972) 324-0301 jkathman@spencerfane.com lpatton@spencerfane.com United First, LLC, as secured creditor, is represented by: Broocks Wilson, Esq. Wilson, PLLC 708 Main Street, 10th Floor Houston, TX 77002 Phone: 713-320-8690 mack@wilson-pllc.com Midwest Regional Bank, as secured creditor, is represented by: James W. Brewer, Esq. Kemp Smith, LLP P.O. Box 2800 El Paso, TX 79999-2800 Phone: 915.533.4424 Fax: 915.546.5360 James.brewer@kempsmith.com jim.brewer@kempsmith.com REVOLOK USA: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------- On July 11, 2025, Revolok USA LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Revolok USA LLC Revolok USA LLC manufactures load-securing equipment for the transportation industry, including powered chain binders and torque multiplier tools. The Company operates from Tampa, Florida, and sells its products directly to commercial trucking and logistics clients. Revolok USA LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04731) on July 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtors are represented by Daniel A. Velasquez, Esq. at LATHAM LUNA EDEN & BEAUDINE LLP. RUNITONETIME LLC: Case Summary & 30 Largest Unsecured Creditors --------------------------------------------------------------- Lead Debtor: RunItOneTime LLC Maverick Gaming LLC 2926 Montessouri Street Las Vegas, Nevada 89117 Business Description: The Debtors are a privately held companies engaged in the gaming and entertainment industry. They own and operate casinos, card rooms, hotels, and related assets across Washington, Nevada, and Colorado, including 17 card rooms in Washington and several casinos and hotels with approximately 2,500 slot machines, 320 table games, 1,200 hotel rooms, and 30 restaurants. Their operations also include EGads!, a design and fabrication business for casino interiors and signage, and Utah Trailways, a charter company providing gaming excursions from Salt Lake City to Wendover, Nevada. Chapter 11 Petition Date: July 14, 2025 Court: United States Bankruptcy Court Southern District of Texas Sixty-eight affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- RunItOneTime LLC (Lead Case) 25-90191 Runitonetime Texas LLC 25-90190 Runitonetime Holdco, Inc. 25-90192 Maverick Colorado LLC 25-90193 Maverick Z Casinos LLC 25-90194 Colorado MG 1031 LLC 25-90195 Maverick Washington LLC 25-90196 Maverick Gold LLC 25-90197 Nevada Gold & Casinos, Inc. 25-90198 NG Washington III, LLC 25-90199 NG Washington, LLC 25-90200 NG Washington II Holdings, LLC 25-90201 NG Washington II, LLC 25-90202 Maverick Wizards LLC 25-90203 15743 Ambaum LLC 25-90204 Maverick Roman LLC 25-90205 The Royal Club Limited Liability Company 25-90206 Skyway Center LLC 25-90207 Maverick Indianola LLC 25-90208 Maverick All Star LLC 25-90209 Myers LLC 25-90210 Maverick Evergreen LLC 25-90211 Maverick Acquisitions Canada ULC 25-90212 Washington Gaming, Inc. 25-90213 14040 Gaming, LLC 25-90215 Riverside Casino, Inc. 25-90234 Gaming Consultants, Inc. 25-90231 Gaming Management, Inc. 25-90232 Puget Sound Gaming, LLC 25-90224 Epstein Gaming LLC 25-90225 La Center Gaming, LLC 25-90255 Pete's Flying Aces, Inc 25-90222 Tacoma Casino, L.L.C. 25-90236 Maverick American LLC 25-90257 Great American Gaming Corporation 25-90250 Evergreen Entertainment Corporation 25-90228 Grand Central Properties Everett LLC 25-90239 Pair O'Dice Investments LLC 25-90219 Grand Central Properties Tukwila LLC 25-90244 Grand Central Properties Tacoma LLC 25-90242 Grand Central Casino, Inc 25-90237 Maverick Caribbean LLC 25-90254 Maverick Tukwila LLC 25-90246 Maverick Yakima LLC 25-90217 Maverick Kirkland II LLC 25-90226 Maverick Kirkland LLC 25-90230 Maverick Lakewood LLC 25-90233 Maverick NV LLC 25-90238 Maverick Elko LLC 25-90221 Maverick Wendover LLC 25-90249 CCI Leasing, LLC 25-90216 Wendover Transportation, LLC 25-90248 Utah Trailways Charter Bus Company, LLC 25-90240 Casino Caravans, Inc. 25-90214 Maverick Design LLC 25-90256 E.Gads, LLC 25-90220 Maverick Poker Operator LLC 25-90241 Colorado Resorts Operator LLC 25-90218 Grand Z Casino Operator LLC 25-90247 Johnny Z Casino Operator LLC 25-90253 Z Casino Black Hawk Operator LLC 25-90251 Elko Resorts Operator, LLC 25-90223 Gold Country Operator, LLC 25-90235 High Desert Operator LLC 25-90252 Red Lion Operator, LLC 25-90229 Wendover Resorts Operator, LLC 25-90245 Red Garter Operator, LLC 25-90227 Wendover Nugget Operator, LLC 25-90243 Judge: Hon. Alfredo R Perez Debtors' Bankruptcy Co-Counsel: Timothy A. ("Tad") Davidson II, Esq. Ashley L. Harper, Esq. Philip M. Guffy, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com ashleyharper@hunton.com pguffy@hunton.com - and - Jeffrey E. Bjork, Esq. Helena G. Tseregounis, Esq. Nicholas J. Messana, Esq. LATHAM & WATKINS LLP 355 South Grand Avenue, Suite 100 Los Angeles, California 90071-1560 Tel: (213) 485-1234 E-mail: jeff.bjork@lw.com helena.tseregounis@lw.com nicholas.messana@lw.com and Ray C. Schrock, Esq. Andrew Sorkin, Esq. 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 E-mail: ray.schrock@lw.com andrew.sorkin@lw.com Debtors' Investment Banker: GLC ADVISORS & CO., LLC AND GLC SECURITIES, LLC Debtors' Restructuring Advisor: TRIPLE P TRS, LLC Debtors' Tax Advisor: KPMG LLP Debtors' Claims, Noticing & Solicitation Agent: KROLL RESTRUCTURING ADMINISTRATION LLC Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million Jeff Seery signed the petitions as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5XPWAYQ/RunItOneTime_LLC__txsbke-25-90191__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Project Evergreen WA LLC Rent $7,422,778 Attn: Drew Wides 30 N LaSalle Street Chicago, IL 60602 Email: drew.wides@blueowl.com 2. Aristocrat Technologies Inc Gaming $1,443,301 Attn: Setsuko Kennedy Participation & PO Box 849540 Equipment Fees Los Angeles, CA 90084 Phone: (702) 270-1000 Fax: (702) 270-1001 Email: Amy.Holt@aristocrat.com 3. AG Park Place LLC - Rent $1,422,397 Series 1 Attn: Brian Sherer 245 Park Avenue New York, NY 10167 Phone: (212) 692-2000 Fax: (212) 883-4141 Email: bshearer@angelogordon.com 4. Paladin Technologies Inc. Information $859,872 Attn: Jessica Duenas Technology 13000 Gregg St Poway, CA 92064 Phone: (714) 940-1783 Email: jduenas@paladintechnologies.com 5. Kone Inc Repairs & $739,225 Attn: General Counsel Maintenance P.O Box 102425 Pasadena, CA 91189 Phone: (630) 577-1650 Email: accountsreceivable.ssc@kone.com 6. Everi Games Inc Gaming $512,741 Attn: General Counsel Partipation & P.O Box 206206 Equipment Fees Dallas, tX 75320 Phone: (702) 855-3000 Email: accounts.receivable@everi.com 7. Sysco Seattle Food & Beverage $471,675 Attn: Gary Hogan PO Box 97054 Kent, WA 98064 Phone: (206) 622-2261 Email: gary.hogan@sysco.com 8. Sonesta RL Hotels Advertising & $396,801 Franchising, Inc. Marketing Attn: Grenda Cabrera PO Box 830447 Philadelphia, PA 19182 Phone: (617) 421-5400 Email: grenda.cabrera@sonesta.com 9. Starbucks Corporation Food & Beverage $335,926 Attn: General Counsel PO Box 74008016 Chicago, IL 60674 Phone: (206) 447-1575 Email: ARInvoice@starbucks.com 10. Gibson, Dunn & Crutcher LLP Professional $300,000 Attn: Jeanette Krise Services 333 South Grand Ave Los Angeles, CA 90071 Phone: (213) 229-7000 Fax: (213) 229-7520 Email: jkrise@gibsondunn.com 11. City of Shoreline Tax $270,575 Attn: General Counsel PO Box 84226 Seattle, WA 98124 Phone: (206) 801-2230 Fax: (206) 546-7868 Email: mking@shorelinewa.gov 12. King County Treasury Tax $269,067 Attn: General Counsel 201 S Jackson St #710 Seattle, WA 98104 Phone: (206) 296-4290 Fax: (206) 296-7345 Email: Assessor.info@kingcounty.gov 13. Littler Mendelson PC Professional $247,837 Attn: General Counsel Services 333 Bush St San Francisco, CA 94104 Phone: (415) 433-1940 Email: mmccollough@littler.com 14. Davon Evans Repairs & $225,225 DBA Cleanco Bins, LLC Maintenance Attn: Davon Evans 4547 Rainier Ave So Seattle, WA 98118 Phone: (206) 698-2467 Email: cleancobins@gmail.com 15. RxBenefits, Inc. Payroll & Benefits $220,640 Attn: Serena Brooks 3700 Colonnade Parkway Birmingham, AL 35243 Phone: (205) 980-8384 Fax: (205) 980-2354 Email: sbrooks@rxbenefits.com 16. Sunic's Inc. Food & Beverage $207,510 DBA Sun Food Trading Co Attn: General Counsel 4715 6th Ave. S Seattle, WA 98108 Phone: (206) 682-8823 Email: joe@sunfoodtrading.com 17. City of Central Tax $197,762 Attn: General Counsel PO Box 249 Central City, CO 80427 Phone: (303) 582-5251 Fax: (303) 582-3424 Email: ada@cityofcentral.co 18. IGT Gaming $197,669 Attn: Kyle Salasky Participation 9295 Prototype Drive & Equipment Reno, NV 89521 Fees Phone: (866) 777-8448 Fax: 31 (0)20 258 9701 Email: Maribel.ManzanoRuiz@IGT.com; kyle.salasky@IGT.com 19. Sysco Intermountain Food & Beverage $197,248 Attn: Gary Hogan PO Box 190 West Jordan, UT 84084 Phone: (801) 563-6300 Email: gary.hogan@sysco.com 20. Harris Manufacturing Inc Repairs & $192,759 Attn: General Counsel Maintenance 9143 Phillips Hwy Ste 420 Jacksonville, FL 32256-1381 Email: scott@HarrisMfg.com 21. Swire Pacific Holdings, Inc. Food & Beverage $184,863 DBA Swire Coca-Cola, USA Attn: General Counsel PO Box 3743 Seattle, WA 98214-3734 Phone: (800) 497-2042 Fax: (801) 816-5368 Email: swirearsupport@swirecc.com 22. Jefder Maintenance Services Inc Repairs & $174,126 Attn: General Counsel Maintenance 2345 Wander St Chula Vista, CA 91915-2415 Email: efren.delgado@ssijefder.com 23. TekLinks Inc Information $171,489 DBA C Spire Business Technology Attn: Kelly Luber PO Box 748168 Atlanta, GA 30374 Phone: (601) 255-0098 Email: kjsmith@cspire.com; Kluber@cspire.com 24. Kuo Kau Paper Supplies $168,512 Products Co., Ltd Attn: Angel Otsuka No. 31, Tien Shui Road Taipei City, 10350 Taiwan Phone: 886-2-25595660 Fax: 886-2-25595668 Email: Angel@queenplayingcard.com 25. Galaxy Gaming, Inc Gaming $167,925 Attn: General Counsel Participation Dept N811 & Equipment Salt Lake City, UT 81430 Fees Phone: (702) 939-3254 Email: info@galaxygaming.com 26. Interblock USA LC Gaming $167,441 Attn: Marie Magdaleno Participation PO Box 511636 Equipment Los Angeles, CA 90051-8191 Fees Phone: (702) 260-1384 Email: marie.magdaleno@interblockgaming.com 27. Sysco Denver Food & Beverage $154,505 Attn: Gary Hogan PO Box 5566 Denver, CO 80217 Phone: (303) 298-0997 Fax: (303) 480-3994 Email: gary.hogan@sysco.com 28. Pierce County Tax $136,683 Assessor-Treasurer DBA Pierce County Finance Attn: Mike Lonergan PO Box 11621 Tacoma, WA 98411-6621 Phone: (253) 798-7285 Fax: (253) 798-6699 Email: pcbudget@co.pierce.wa.us 29. City of Mountlake Terrace Tax $108,785 Attn: General Counsel PO Box 3694 Seattle, WA 98124 Phone: (425) 776-1161 Fax: (425) 775-0420 Email: businesslicense@mltwa.gov 30. Canon Financial Services, Inc Information $106,096 Attn: General Counsel Technology 14904 Collections Center Drive Chicago, IL 60693-0149 Phone: (800) 220-0330 Fax: (856) 813-5122 Email: atsivilashvili@cfs.canon.com SALDAP LLC: Insurer's Summary Judgment Bid Granted in Part ---------------------------------------------------------- Judge Amos L. Mazzant of the United States District Court for the Eastern District of Texas granted, in part, Harleysville Insurance Company's motion for summary judgment in the case captioned as ARIEL MURPHY, INDIVIDUALLY and a/n/f of K.G., A MINOR, Plaintiffs, v. HARLEYSVILLE INSURANCE COMPANY, A FOREIGN CORPORATION, Defendant, Case No. 4:23-cv-01044 (E.D. Tex.). Plaintiff's claims are dismissed without prejudice. This is an insurance dispute with a complex procedural posture. The matter before the Court involves an underlying suit, a bankruptcy proceeding, and this civil action. The Liability Suit During the fall of 2018, Plaintiff Ariel Muphy enrolled her nine-week-old child, K.G., in a daycare program known as Joyous Montessori, which was owned and operated by Saldap, LLC d/b/a Joyous Montessori. One of Joyous's employees, Jessica Wiese, supervised the daycare class that K.G. attended. On or about Nov. 27, 2018, Wiese physically abused K.G., resulting in significant injuries. Plaintiff initially filed suit against Junior Academy of McKinney, Inc. d/b/a Joyous Montessori and Wiese on Jan. 22, 2019. At some point between filing her initial Petition and March 21, 2019, Plaintiff amended her Petition to include Saldap and Wiese as defendants and to drop Junior Academy of McKinney, Inc. as a defendant. As part of its mandatory initial disclosures, Saldap produced a liability insurance policy it had with Defendant Harleysville Insurance Company. At first, Defendant provided a defense to Saldap while it investigated the extent of the Policy's coverage Ultimately, Defendant sent a letter to Saldap on March 19, 2019, stating that the Policy did not cover Wiese's abusive conduct and stated that it would withdraw its defense. Saldap's Bankruptcy Four months after Defendant's letter, Saldap filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Eastern District of Texas, Sherman Division. On Aug. 7, 2020, the Bankruptcy Court entered an Order confirming Saldap's Reorganization Plan. As part of the Order confirming the Reorganization Plan, the Bankruptcy Court also entered a permanent injunction, pursuant 11 U.S.C.Sec. 524. On Dec. 10, 2020, the Bankruptcy Court entered a Final Decree Order, which closed Saldap's Chapter 11 case. Default Judgment With Saldap's bankruptcy resolved, Plaintiff filed her Fifth Amended Petition on June 17, 2021, which expanded the Liability Suit to include a total of eight defendants: (1) Saldap, (2) Urja Inc., d/b/aJoyous Montessori, (3) Vams, LLC d/b/aJoyous Montessori, (4) Joyous Education Corp d/b/a Joyous Montessori, (5) Montessori Values, Inc. d/b/a Joyous Montessori, (6) Jessica Wiese, (7) Vandana Semwal, and (8) Mahavir Semwal. Plaintiff's Fifth Amended Petition states that it was only filed against Saldap to obtain nominal liability. Plaintiff limited its liability suit against Saldap because the Bankruptcy Injunction prohibited Plaintiff from seeking to establish any personal liability against Saldap. On May 5, 2022, Plaintiff again amended her Petition, this time adding another defendant, the Mahavir & Vandana Semwal Revocable Trust Dated April 30, 2020. Unsurprisingly, Saldap did not answer or respond to Plaintiff's Fifth or Sixth Amended Petitions. On May 4, 2023, the 401st Judicial District Court of Collin County, Texas entered a default judgment against Saldap. After conducting a hearing on damages, the State Court awarded Plaintiff $3,000,000 in compensatory damages and $60,000,000 in exemplary damages. Notably, the Default Judgment states that Plaintiff can recover the compensatory damages "from the insurance company" for Saldap. Additionally, the State Court limited the Default Judgment's scope so that it only established nominal against Saldap and therefore would not violate the Bankruptcy Injunction. The Coverage Suit On Oct. 25, 2023, with the Default Judgment in hand, Plaintiff filed a new action against Saldap's insurers in the State Court, seeking to enforce the Default Judgment and pursue the Policy issued to Saldap. During Plaintiff's pursuit of Saldap's insurers, she also continued the litigation in the Liability Suit against Saldap and the other defendants. Saldap filed a Motion to Quash. Saldap argued that Plaintiff had violated the Bankruptcy Injunction by continuing to pursue Saldap despite its bankruptcy discharge. In response to the Motion to Quash the State Court quashed the deposition notices against Saldap's non-party owners and abated all proceedings against Saldap. The State Court found that abating the proceedings against Saldap was proper because Plaintiff had not sought approval from the Bankruptcy Court before litigating against Saldap in a nominal capacity. Thus, the State Court found that Plaintiff's suit had implicated the protections of the Bankruptcy Injunction and Plaintiff could not proceed without express permission from the Bankruptcy Court. Coverage Suit Summary Judgment In addition to continuing litigation in the Liability Suit, this litigation proceeded. On Aug. 15, 2024, Defendant filed its Motion for Summary Judgment. The primary dispute is whether the Policy covers the abuse of Plaintiff's child, K.G. Defendant argues that it is entitled to summary judgment for two reasons. It argues that Plaintiff lacks standing to sue under the no-direct-action rule. In order to have standing, it contends Plaintiff must have a valid final judgment to sue it directly. Thus, according to Defendant, Plaintiff lacks standing because the Default Judgment was entered in violation of the Bankruptcy Injunction, which makes it void. Defendant also argues that, even if Plaintiff has standing, the Policy does not cover the abuse Plaintiff's child suffered. Plaintiff argues in response that she has standing to pursue Defendant because the Default Judgment against Saldap satisfies the no-direct-action rule. According to Plaintiff, the Default Judgment satisfies the requirements under Texas law and the Policy to pursue Saldap's insurer directly, as she established liability against Saldap via the Default Judgment. Additionally, she argues that the Default Judgment does not violate the Bankruptcy Injunction because the State Court only entered it to establish Saldap's liability in name only. According to Plaintiff, the Default Judgment does not violate the Bankruptcy Injunction because it does not establish personal liability against Saldap. Thus, she argues that the Default Judgment is a valid judgment that allows her to pursue Saldap's insurers. According to Judge Mazzant, the Court must utilize the two-step analysis in Turner to evaluate whether Plaintiff has standing because Plaintiff is pursuing an insurer directly based on a non-adversarial default judgment. The first step is to determine whether Plaintiff has satisfied the "general rule" -- whether Plaintiff has a judgment or agreement. As in Turner, the State Court entered a default judgment against an insured defendant. Thus, the Court finds that Plaintiff has satisfied the first prong of the Turner analysis. The Court must also evaluate the Policy to determine if the Default Judgment satisfies the relevant no-action clause. Defendant argues that Plaintiff has not satisfied the Policy's final judgment requirement because the Default Judgment is not a final judgment. The Court agrees with Defendant, though only in part, that the Default Judgment does not satisfy the final judgment requirement because, under Texas law, it does not constitute a final judgment. In short, the Default Judgment lacks effect against all Defendants in the Liability Suit, the Court concludes. Judge Mazzant holds, "Here, the Default Judgment was only issued against Saldap, LLC d/b/a Joyous Montessori. Thus, it only disposed of the claims against one defendant out of the nine defendants Plaintiff sued. Plaintiff states that 'the judgment went final and is now a final non-appealable judgment.' Plaintiff is incorrect. A default judgment is not a final judgment, nor is it appealable under Texas law, until the State Court disposes of all parties and all claims. Therefore, Plaintiff lacks standing to sue Defendant at this time. Accordingly, the suit should be dismissed without prejudice." A copy of the Court's Memorandum Opinion and Order dated July 7, 2025, is available at https://urlcurt.com/u?l=vLWnHY from PacerMonitor.com. About Saldap LLC Saldap, LLC, doing business as Prime Montessori, formerly doing business as Joyous Montessori McKinney, is a domestic for-profit corporation conducting business at 6800 Bountiful Grove, McKinney, Collin County, Texas that provides child day care services. Saldap, LLC, sought Chapter 11 protection (Bankr. E.D. Tex. Case No. 19-41988) on July 26, 2019. In the petition signed by Janaki R. Poluru, manager, the Debtor was estimated to have assets and liabilities in the range of $1 million to $10 million. The case is assigned to Judge Brenda T. Rhoades. The Debtor tapped Melissa S. Hayward, Esq., at Hayward & Associates PLLC as counsel. SAM'S CRAB: Gets Interim OK to Use Cash Collateral Until Aug. 13 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Virginia issued a bridge order authorizing Sam's Crab House, LLC's interim use of cash collateral through the date of the final hearing. The final hearing is scheduled for August 13. The bridge order authorized the Debtor to use cash collateral to pay the expenses set forth in its six-month budget, which projects total operational expenses of $54,643. As protection for the use of its cash collateral, Ameris Bank, doing business as Balboa Capital, will receive a monthly payment of $2,000. Ameris Bank is the Debtor's only current secured creditor, which has a judgment stemming from a loan made to the Debtor. The Balboa judgment is for $124,270.99. About Sam's Crab House Sam's Crab House, LLC is a restaurant operator based in Richmond, Va. Sam's Crab House filed Chapter 11 petition (Bankr. E.D. Va. Case No. 25-30071) on January 9, 2025. In its petition, the Debtor reported assets between $50,000 and $100,000 and liabilities between $100,000 and $500,000. Judge Keith L. Phillips oversees the case. The Debtor is represented by Kimberly Ann Kalisz, Esq., at Conway Law Group, PC. Ameris Bank, as secured creditor, is represented by: Pierce C. Murphy, Esq. Silverman Thompson Slutkin & White, LLC 400 East Pratt Street, Suite 900 Baltimore, MD 21202 (410)-385-2225 (410)-547-2432 (facsimile) pmurphy@silvermanthompson.com SANCTUARYSPA INC: Gets OK to Use Cash Collateral Until Sept. 9 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, issued an interim order authorizing Sanctuaryspa Inc. to use cash collateral through September 9. The interim order authorized the Debtor to pay $843.95 per month to Five Star Bank, starting this month until further court order. A final hearing is scheduled for September 9. The Debtor's cash collateral consists of cash on hand and future revenue, which it intends to use to cover budgeted operating costs. The Debtor's assets total about $60,637 while its secured debts, including loans and merchant cash advances, total approximately $507,538. Five Star Bank, the Debtor's primary secured creditor, holds a claim of $153,265. About Sanctuaryspa Inc. Sanctuaryspa Inc. is a boutique day spa in Long Beach offering a range of services including facials, massages, body treatments, dermaplaning, chemical peels, and DiamondGlow treatments. The spa customizes services to individual needs and emphasizes a holistic approach to skincare. It operates in a tranquil setting designed to promote wellness and relaxation. Sanctuaryspa sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-14964) on June 12, 2025. In the petition signed by Crista Rossi, chief executive officer, the Debtor disclosed $50,397 in assets and $1,032,222 in liabilities. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, is the Debtor's bankruptcy counsel. Five Star Bank, as secured creditor, is represented by: Thomas P. Griffin, Jr., Esq. Hefner, Stark & Marois, LLP 2150 River Plaza Drive, Suite 450 Sacramento, CA 95833 Telephone: (916) 925-6620 Facsimile: (916) 925-1127 tgriffin@hsmlaw.com SHIELD HOLDINGS: Atty Retainer Meets Ch15 Eligibility, Judge Says ----------------------------------------------------------------- The Honorable Philip Bentley of the United States Bankruptcy Court for the Southern District of New York granted the motion of debtor ACN 078 881 035 Pty Limited (formerly Shield Holdings Australia Pty Limited) for an order granting recognition of foreign main proceeding and related relief under Chapter 15 of the Bankruptcy Code. The Binetters emigrated from Europe to Australia in the 1950s and proceeded to build a number of successful businesses, including an international beverage business by the name of Nudie Juice. The family's empire eventually crumbled, after evidence surfaced that the Binetters had engaged in a 20-plus-year tax evasion scheme. In or about 2014, the Australian Tax Office levied tax assessments in excess of AU $100 million against four of the Binetters' companies, finding they had entered into purported lending arrangements with Israeli banks and for decades had fraudulently reported nonexistent interest expense on their Australian tax returns. The Australian courts appointed John Sheahan to serve as the liquidator for these four companies. On their behalf, he brought suit and obtained judgments of more than $100 million against Binetter family members and a number of their other companies. In 2018, six additional Binetter companies went into liquidation in Australia, and Mr. Sheahan was appointed as their liquidator. In 2024, an eleventh Binetter company -- the Debtor -- commenced liquidation proceedings in Australia. In January 2025, the Australian court overseeing that liquidation appointed Mr. Sheahan as the Debtor's special purpose liquidator, with authority to take discovery in any foreign jurisdiction for the purpose of identifying the Debtor's assets and investigating its potential claims against third parties. Beginning in 2017, Mr. Sheahan filed successive chapter 15 petitions in this Court on behalf of the various Binetter companies for which he was appointed liquidator (collectively, the "Binetter Debtors"). He filed the first four of these chapter 15 petitions in 2017, after learning that two members of the Binetter family had moved to the United States. In 2021, he filed chapter 15 petitions for six more Binetter Debtors, and in March 2025, he filed a chapter 15 petition for the Debtor. In each of these cases, Mr. Sheahan serves as the debtor's foreign representative. In each case, he stated that his principal reason for filing under chapter 15 was to take discovery in the United States, so as to identify Binetter family assets located here and to investigate potential claims against parties in the U.S. that may have participated in the Binetters' tax evasion, diversion of assets or other misconduct. The chapter 15 cases of all 11 Binetter Debtors have been consolidated for administrative, but not substantive, purposes. The petition that Mr. Sheahan filed on behalf of the Debtor in March 2025 seeks recognition of the Debtor's Australian liquidation proceeding, as well as related relief. The only parties that objected to the motion were three members of the Binetter family. A hearing on the motion was held on May 8, 2025, at which time the Binetters withdrew all of their objections except their argument that the Debtor is not eligible to be a debtor under Code Sec. 109(a). The issue before the Court is whether to follow the rule, uniformly applied by bankruptcy courts in this District and elsewhere, that a chapter 15 debtor's creation of an attorney retainer in the United States at the outset of its case satisfies the eligibility requirements of Bankruptcy Code Sec. 109(a). Members of the Binetter family, who owned and managed the debtor before the commencement of its Australian liquidation proceedings, ask the Court to reject this settled rule on the ground that it permits such an easy end-run around section 109(a)'s property requirement -- that debtors without a residence or place of business in the United States must have "property in the United States" -- that it essentially nullifies that requirement. This result, they argue, contravenes basic canons of statutory construction and permits improper manipulation of the statute's requirements. On this ground, they ask the Court to rule that the debtor, whose only U.S. property is an attorney retainer, is ineligible to file under chapter 15. According to Judge Bentley, "As all courts that have addressed this issue have held, the text of section 109(a)'s property requirement is unambiguous. It requires only that the debtor have some property in the United States, no matter how small and no matter when or why acquired. To modify an unambiguous statutory provision such as this, the Court would need to find that it produces an absurd result. And that is not the case here. Far from producing a result that Congress could not possibly have intended, a literal reading of section 109(a) furthers a number of chapter 15's core purposes, while undermining none of them." He concludes, "Consequently, no basis exists to modify the section's plain terms or to find that steps taken by a debtor to comply with those terms constitute impermissible manipulation. The settled rule that a debtor's creation of an attorney retainer in the United States satisfies section 109(a) is well-founded, and the Court will follow it." The Court denies the Binetters' objection and grants the foreign representative's motion for an order granting recognition and related relief. A copy of the Court's Modified Bench Ruling dated July 8, 2025, is available at https://urlcurt.com/u?l=RUoAtV from PacerMonitor.com. Attorneys for Foreign Representative: Glen A. Kopp, Esq. Joaquin M. C. DeBaca, Esq. MAYER BROWN LLP 1221 Avenue of the Americas New York, NY 10019 E-mail: gkopp@mayerbrown.com jcdebaca@mayerbrown.com Attorneys for Binetter Parties: Jonathan T. Koevary, Esq. Andrew Lustigman, Esq. OLSHAN FROME WOLOSKY LLP 1325 Avenue of the Americas New York, NY 10019 E-mail: jkoevary@olshanlaw.com alustigman@olshanlaw.com About BCI Finances B.C.I. Finances PTY Ltd. is an Australian borrowing and lending entity that operated within a complex group of companies targeted by Australian authorities for 25 years of tax avoidance. B.C.I. Finances Pty Limited (in Liquidation) and three affiliates, Binqld Finances Pty Limited (in Liquidation), E.G.L. Development (Canberra) Pty Limited (in Liquidation), and Ligon 268 Pty Limited (in Liquidation) filed Chapter 15 petitions (Bankr. S.D.N.Y. Lead Case No. 17-11266) on May 9, 2017, to seek recognition of their winding down proceedings in Australia. John Sheahan and Ian Russell Lock, the foreign representatives, signed the Chapter 15 petitions. The Hon. Sean H. Lane initially presided over the Chapter 15 cases. The case was reassigned to Judge Philip Bentley in September 2022. Robert N. H. Christmas, Esq., and Christopher J. Fong, Esq., at Nixon Peabody LLP, in New York, serve as counsel to the petitioners. Mayer Brown LLP represents the Foreign Representative. Olshan Frome Wolosky LLP represents the Binetter Parties. SILVER AIRWAYS: Soneet Kapila Named Chapter 11 Trustee ------------------------------------------------------ The U.S. Trustee for Region 21 appointed Soneet Kapila of Kapila Mukamal as Chapter 11 Trustee for Silver Airways, LLC. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Southern District of Florida on June 25. The Chapter 11 trustee can be reached at: Soneet R. Kapila Kapila Mukamal 1000 South Federal Highway, Suite 200 Fort Lauderdale, FL 33316 Tel: (954) 761-1011 Email: skapila@kapilamukamal.com About Silver Airways Silver Airways, LLC is a regional U.S. airline operating flights between gateways in Florida, the Southeast and The Bahamas. The Silver Airways fleet is comprised of modern, state of the art aircraft with reliable, fuel-efficient turbo-prop engines. In the summer of 2018, Silver completed the acquisition of Seaborne Airlines, a San Juan, Puerto Rico-based air carrier serving destinations throughout Puerto Rico, the U.S. Virgin Islands, and other countries in the Caribbean. Seaborne provides connections throughout the Caribbean via the carrier's hub in San Juan, while also serving as the most critical link between St. Croix and St. Thomas with the carrier's seaplane operation. Silver Airways and Seaborne Virgin Islands, Inc. filed Chapter 11 petitions (Bankr. S.D. Fla. Lead Case No. 24-23623) on Dec. 30, 2024. At the time of the filing, Silver Airways reported $100 million to $500 million in assets and liabilities while Seaborne reported $1 million to $10 million in assets and liabilities. Judge Peter D. Russin oversees the cases. Brian P. Hall, Esq., is the Debtors' legal counsel. Brigade Agency Services, LLC, as lender, is represented by Frank P. Terzo, Esq., at Nelson Mullins Riley & Scarborough, LLP. Argent Funding LLC and Volant SVI Funding LLC, as lenders, are represented by Regina Stango Kelbon, Esq. at Blank Rome, LLP. Lawyers at Tucker Arensberg, P.C. represent Argentum Acquisition Co., LLC, emerged as the winning bidder for the airline's assets with an offer of $5,755,000 in cash plus additional amounts and the assumption of certain liabilities. SILVERROCK DEVELOPMENT: Wants to Test $60MM Bid at Ch. 11 Auction ----------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that SilverRock, a resort developer, has asked the Delaware bankruptcy court for permission to auction its Southern California real estate assets, arguing that a public sale could yield better offers than the stalking horse bid it has secured, as opposed to using a sealed bidding process. About Silverrock Development Company LLC SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed a Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SINCLAIR INC: Appoints Narinder Sahai as New CFO ------------------------------------------------ Sinclair, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Narinder Sahai was appointed as Executive Vice President and Chief Financial Officer effective July 7, 2025. With this appointment, Lucy Rutishauser will step down as Chief Financial Officer and continue as Executive Vice President to support the transition. Before joining the Company, Mr. Sahai, 51, served as Chief Financial Officer of Arcis Golf, a leading leisure and hospitality operator, where he led financial planning, accounting, tax, treasury and debt investor relations since June 2023. From February 2022 to January 2023, Mr. Sahai served as Chief Financial Officer and subsequently served as Special Advisor from January 2023 to April 2023 for RumbleOn, Inc., a Nasdaq-listed technology-driven omnichannel powersports platform, where he built the financial planning and analysis function, launched the internal audit and SOX compliance programs, and executed successful integration of transformative acquisitions. From August 2020 to January 2022, Mr. Sahai served as Head of Worldwide Go-to-Market Finance - Compute and Artificial Intelligence/Machine Learning at Amazon Web Services, providing financial leadership for specialist sales teams across global markets. Before AWS, Mr. Sahai served as Senior Vice President, Treasurer, and Investor Relations of Target Hospitality from January 2019 to January 2020, where he managed all investor relations and capital markets activities for the company's public market debut and executed comprehensive debt financing transactions. Before Target Hospitality, Mr. Sahai served in numerous finance leadership positions with FMC Technologies, Inc. and TechnipFMC plc. from 2009 to 2018 with his last position as Finance Director, Investor Relations. Before TechnipFMC, Mr. Sahai served in several finance positions with Delphi Corporation from 2003 to 2009 with his last position as Manager, Financial Risk Management. Mr. Sahai holds a Bachelor of Engineering in Electronics and Electrical Communication Engineering, graduating as valedictorian, from Thapar University in India, and a Master of Business Administration with High Distinction from the Ross School of Business at the University of Michigan in Ann Arbor, Michigan. Mr. Sahai is also a CFA Charterholder. At the Effective Date, the Company entered into an employment agreement with Mr. Sahai. Under the Agreement, Mr. Sahai is entitled to an annual base salary of $700,000, $750,000 and $800,000 during his first, second and third years of employment, respectively. Mr. Sahai is entitled to receive: (i) a one-time signing bonus of $105,000 and (ii) an annual performance bonus for each of the first three years of his employment of up to 200% of his then-current annual base salary, subject to achievement of criteria determined by the compensation committee of the board of directors after consultation with the Company's Chief Executive Officer. Mr. Sahai is also eligible to receive certain long-term performance bonuses of $2,000,000 if the average of the closing sales prices of shares of Sinclair's Class A common stock over a twenty-two (22) trading day period exceeds: (i) $33 per share, (ii) $40 per share, and (iii) every $5 per share interval thereafter, in each case adjusted for certain events as described in the Agreement, with the value of the adjustment reasonably determined by the Compensation Committee. Mr. Sahai will receive a grant of restricted stock units with a grant date value of $1,750,000, which shall vest entirely on July 7, 2028. The RSUs will be issued pursuant to the terms of the Company's 2022 Stock Incentive Plan. Mr. Sahai will be reimbursed for up to $100,000 of relocation expenses. Any changes to Mr. Sahai's base salary, cash bonus or equity incentive opportunities for future calendar years shall be determined by the Compensation Committee after consultation with the CEO. Mr. Sahai is also entitled to the following severance benefits, in addition to any earned but unpaid normal compensation and benefits as of the termination date: (i) in the case of his death or termination due to disability, prorated amounts based on the prior year's annual performance bonus and a payout of unused vacation; and (ii) in the case of his termination without Cause or his resignation for Good Reason (each as defined in the Agreement), or a termination for any reason (other than Cause) either within 12 months prior to or following a Change in Control: (a) after July 7, 2026, a lump-sum cash payment in an amount equal to 12 months' worth of Mr. Sahai's then current base salary, (b) prorated annual performance bonus (based on actual Company achievement of performance criteria) and (c) a payout of unused vacation, with clauses (a) and (b) subject to execution of a release of claims. The Agreement also contains non-competition, non-solicitation and confidentiality restrictions on Mr. Sahai. About Sinclair Inc. Headquartered in Hunt Valley, MD, Sinclair, Inc. is the operator of Tennischannel.com, one of the most popular sports streaming services in the country dedicated to providing prerecorded and live coverage of tennis and other racquetball sports. * * * The Troubled Company Reporter reported on Jan. 17, 2025, that S&P Global Ratings lowered the issuer credit rating on Sinclair Inc. to 'B-' from 'B'. At the same time, S&P lowered the issue-level rating on the company's existing senior secured debt to 'B' from 'B+' and placed it on CreditWatch with negative implications. S&P also lowered the issue-level rating on the company's existing senior unsecured debt to 'CCC' from 'CCC+'. STEWARD HEALTH: Asks Court Judge for Chapter 11 Plan Confirmation ----------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that on Monday, July 14, 2025, Steward Health, the former multistate hospital operator, asked a Texas bankruptcy judge to approve its Chapter 11 liquidation plan, pushing forward despite objections over its vote tabulation process and its proposal to fund administrative expenses using proceeds from future litigation. About Steward Health Care Steward Health Care System, LLC, owns and operates the largest private physician-owned for-profit healthcare network in the U.S. Headquartered in Dallas, Texas, Steward's operations include 31 hospitals in eight states, approximately 400 facility locations, 4,500 primary and specialty care physicians, 3,600 staffed beds, and nearly 30,000 employees. Steward Health Care provides care to more than two million patients annually. Steward and 166 affiliated debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90213) on May 6, 2024. Judge Christopher M. Lopez oversees the proceeding. The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy counsel; McDermott Will & Emery as special corporate and regulatory counsel; AlixPartners, LLP as financial advisor and John Castellano of AlixPartners as chief restructuring officer. Lazard Freres & Co. LLC, Leerink Partners LLC, and Cain Brothers, a division of KeyBanc Capital Markets Inc., provide investment banking services to the Debtors. Kroll is the claims agent. Susan N. Goodman has been appointed as patient care ombudsman in the Debtors' Chapter 11 cases. STRAWBERRY HILL: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Strawberry Hill Povitica, Inc. received final approval from the U.S. Bankruptcy Court for the District of Kansas, Kansas City, to use cash collateral. The final order extended the Debtor's authority to use cash collateral from June 30 to September 30 to finance the costs of operations, maintain business relationships, make payroll, and satisfy other working capital and operational needs. Crossfirst Bank, a secured creditor, asserts an interest in the cash collateral, which consists of revenues and proceeds from the Debtor's assets. These assets, including depository accounts, are collateral of Crossfirst Bank. As protection for the Debtor's use of its cash collateral, Crossfirst Bank will be granted replacement security interests in and liens on property acquired by the Debtor after its bankruptcy filing that is similar to the bank's pre-bankruptcy collateral. The replacement liens will have the same property as Crossfirst Bank's pre-bankruptcy liens. As further protection, Crossfirst Bank will receive a monthly payment of $7,000 from July to September. In case the replacement liens prove inadequate, Crossfirst Bank will be granted an administrative expense claim, subject to and subordinate to a carveout for professional fees and expenses. About Strawberry Hill Povitica Strawberry Hill Povitica, Inc. is engaged in the retail sale of bakery products in Merriam, Kansas. Strawberry Hill Povitica filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Kan. Case No. 24-20923) on July 2, 2024, listing $519,520 in assets and $2,847,467 in liabilities. Dennis K. O'Leary, president, signed the petition. Judge Dale L Somers presides over the case. The Debtor is represented by: Colin N. Gotham, Esq. Evans & Mullinix, P.A. Tel: 913-962-8700 Email: cgotham@emlawkc.com TBTOG DEVELOPMENT: Bankruptcy Sale Set for 140-AC Guadalupe Site ---------------------------------------------------------------- Hilco Real Estate Sales announces September 30, 2025, as the qualifying bid deadline for the 141.87+/- AC, shovel-ready development opportunity known as The Bluffs on the Guadalupe. Offered by order of the U.S. Bankruptcy Court, Western District of Texas (Austin) -- Case No. 24-10411 (In re: TBOTG Development, Inc.), this generational property presents an unparalleled canvas for visionary residential and mixed-use development. Positioned at the southeast corner of FM 306 and the Guadalupe River in Canyon Lake/New Braunfels, the property boasts nearly 2,700' of FM 306 frontage, providing exceptional visibility and access along this growing retail commercial corridor. Surrounded by dramatic bluffs, heritage oaks and cypress-shaded trails, the site is fully entitled with infrastructure in place to accelerate development. The property encompasses approximately 141.87+/- acres with no zoning restrictions, offering over a mile of unparallel Guadalupe River frontage that creates a spectacular backdrop for future development. Existing plans total 95 lots that breakdown as 26 waterfront estate lots (only 13 of which remain), 53 interior estate lots, 16 hillside cabins and approximately 12+/- acres of commercial frontage land, providing a balanced mix of residential and commercial opportunities. Infrastructure is already in place, including a model home and sales office, asphalt roads and public utility connections for water, electricity and communications. Additionally, all Living Unit Equivalents (LUEs) have been paid in full and are ready to transfer to future ownership to support immediate build-out. Residents and guests will enjoy a 1.7-mile private riverfront walking trail that encircles the property, low taxes and thoughtfully designed community recreation amenities that highlight the property's natural beauty. Just minutes from the vibrant centers of downtown New Braunfels and San Marcos, and less than an hour's drive from the major metropolitan hubs of Austin and San Antonio, The Bluffs on the Guadalupe is ideally situated in the heart of Central Texas' fastest-growing lifestyle corridor. This prime location offers seamless access to both urban amenities and the region's renowned natural attractions. Nearby destinations include Canyon Lake, a popular spot for boating and fishing; Camp Fimfo, one of the nation's top-rated RV resorts; and the Whitewater Amphitheater, a celebrated live music venue that draws thousands of visitors each season. Just down the road, the Gruene Historic District offers charming shops, restaurants and the legendary Gruene Hall dance venue, while the Texas State University campus anchors a vibrant academic community. Enhancing the area's appeal even further is the planned Waterway Lane Hike and Bike Trail extension, which will span Gruene Road to Old FM 306 and the Guadalupe River, connecting residents and guests to miles of scenic outdoor recreation. Terence Rochford, senior vice president at Hilco Real Estate Sales, stated, "The Bluffs on the Guadalupe is simply unmatched in the market--a rare combination of riverfront property, shovel-ready infrastructure and a prime location that sits at the intersection of growth and recreation." Stephen Madura, senior vice president at Hilco Real Estate Sales, added, "With entitlements in place, no zoning restrictions and proximity to some of Central Texas' most desirable destinations, this property represents an extraordinary opportunity for developers to create a landmark community that will define the continued growth of the Canyon Lake and New Braunfels areas for decades to come." Qualifying bids must be received on or before the deadline of September 30, 2025, at 5:00 p.m. (CT) and must be based on the Purchase and Sale (PSA) document available for review and download from Hilco Real Estate Sale's website. Interested bidders should review the requirements in order to participate in the bankruptcy sale process available on Hilco Real Estate Sale's website. For further information, please contact Steve Madura at (847) 504-2478 or smadura@hilcoglobal.com or Michael Kneifel at (847) 201-2322 or mkneifel@hilcoglobal.com. For additional details, due diligence access and terms of sale, visit Hilco Real Estate Sales or call (855) 755-2300. About Hilco Real Estate Sales Successfully positioning the real estate holdings within a company's portfolio is a material component of establishing and maintaining a strong financial foundation for long-term success. At Hilco Real Estate Sales (HRE), a Hilco Global company (HilcoGlobal.com), it advises and executes strategies to assist clients seeking to optimize their real estate assets, improve cash flow, maximize asset value and minimize liabilities and portfolio risk. HRE helps clients traverse complex transactions and transitions, coordinating with internal and external networks and constituents to navigate ever-challenging market environments. The trusted, full-service HRE team has secured billions in value for hundreds of clients over 20+ years. HRE is deeply experienced in complex transactions including artful lease renegotiation, multi-faceted sales structures, strategic asset management and capital optimization. HRE understands the legal, financial and real estate components of the process, all of which are vital to a successful outcome. HRE can help identify the most viable options and direction for a company and its real estate portfolio, delivering impressive results in every situation. About TBOTG Development TBOTG Development, Inc., owns and operates The Bluffs on The Guadalupe, a subdivision in Comal County, Texas, having an appraised value of $32.1 million. TBOTG Development filed a Chapter 11 petition (Bankr. W.D. Tex. Case No. 24-10411) on April 16, 2024, with $35,996,538 in total assets and $22,885,007 in total liabilities. William T. Korioth, president, signed the petition. Judge Shad Robinson oversees the case. Kell C. Mercer, PC and Armbrust & Brown, PLLC serve as the Debtor's bankruptcy counsel and special litigation counsel, respectively. TITAN INDUSTRIES: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------ On July 9, 2025, Titan Industries USA LLC filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of Texas. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. The petition states funds will be available to unsecured creditors. About Titan Industries USA LLC Titan Industries USA LLC provides dedicated freight transportation services with a focus on transparency and efficiency. The Company offers mobile-optimized tools for real-time shipment tracking, driver assist support, and cross-border communication between the U.S., Canada, and Mexico. Its operations are tailored to meet specific client needs, emphasizing reliability and timely delivery. Titan Industries USA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-30867) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtors are represented by James Jopling, Esq. at JIM K. JOPLING, ATTORNEY AT LAW. TODD SCHLOMER: Loses Bid to Dismiss Fanale, et al. Adversary Case ----------------------------------------------------------------- Judge Christopher G. Bradley of the United States Bankruptcy Court for the Western District of Texas denied the motion filed by Todd Benjamin Schlomer to dismiss the plaintiffs' first amended complaint to determine non-dischargeability of claims in the adversary proceeding captioned as BRIAN FANALE, UPWARD ENTERPRISES, LLC, PARAGON PRINCIPLES, LLC, GOLD STARMARKETING, LLC, Plaintiffs, v. TODD BENJAMIN SCHLOMER, Defendant, Adv. No. 24-01065-cgb (Bankr. W.D. Tex.). Brian Fanale and the Defendant started Upward Enterprises, LLC and Paragon Principles, LLC. The only two members of each of these Companies are Gold Star Marketing, LLC, an entity solely owned by Fanale, and SCTM Enterprises, LLC, an entity solely owned by the Defendant. Gold Star and SCTM each own 50% of both Upward and Paragon. The Companies provide coaching, mentoring, and resources for home businesses and network marketers. The Defendant was the Companies' Chief Technical Officer and Chief Financial Officer. In these roles, the Defendant was primarily responsible for the Companies' corporate finances and bookkeeping and had control of their banking and financial accounts. During the COVID-19 pandemic, the Defendant urged the Companies to obtain loans through the Paycheck Protection Program and the Economic Injury Disaster Loan program. The Defendant represented to the Plaintiffs that the Companies could not survive without these funds and that the money obtained would be used for the Companies' operations. Based on these representations, in 2020 and 2021, the Companies obtained a PPP loan and two EIDL loans, as well as a $150,000 loan and a $50,000 line of credit from ODK Capital. Both Fanale and the Defendant personally guaranteed the Companies' COVID Loans. In March 2022, the Defendant asked the Companies to amend their loan agreements to obtain additional funds for operations, falsely representing that the Companies could not survive without the funds. Based on the Defendant's representations, Paragon dramatically increased its EIDL loan amount from $150,000 to $1,701,200 and Upward dramatically increased its EIDL loan amount from $150,000 to $764,800. Again, Fanale personally guaranteed the Companies' EIDL loans. At the Defendant's direction, Upward obtained another loan for $175,000 from ODK on May 26, 2023. The Plaintiffs allege that while urging the Companies to obtain these loans, the Defendant embezzled the Companies' funds for personal use and had misappropriated at least $975,984.30 by summer 2023. The Plaintiffs further allege that the majority of the embezzled funds were from the EIDL loans that Fanale guaranteed. The Plaintiffs allege that the Companies suffered damages for the full amount of the embezzled funds, interest accrued on the loans, financial losses and damage to the company's reputation, attorney's fees and costs incurred in recovering the embezzled funds as well as other statutory and exemplary damages. They also allege that Fanale lost his livelihood and faces exposure and liability on his personal guarantees of the EIDL loans. In December of 2023, the Plaintiffs sued the Defendant in state court. About eight months later, the Defendant filed bankruptcy. On the deadline for filing an objection to discharge, the Plaintiffs filed this adversary proceeding and asserted claims under 11 U.S.C. Secs. 523(a)(4) (fiduciary fraud and embezzlement) and (a)(6) (willful and malicious injury). After the Defendant filed the Original Motion to Dismiss, the Plaintiffs amended their complaint to add a cause of action under section 523(a)(2)(A) for false pretenses, a false representation, or actual fraud. The Defendant then moved to dismiss the amended complaint. In the Amended Motion to Dismiss, the Defendant argues that the Amended Complaint should be dismissed because Fanale lacks standing and because the section 523(a)(2)(A) claim was untimely, among other things outside the scope of this opinion. The Court says establishing Fanale's constitutional standing is not difficult based on the facts alleged in the Amended Complaint and supplemented by the record of the Defendant's bankruptcy case. To begin, the Amended Complaint alleges that Fanale lost his livelihood and faces exposure and liability on his personal guarantees of the EIDL loans, which certainly affects him in a personal and individual way. Additionally, because the Defendant filed bankruptcy, Fanale's unsecured claim would be discharged without a determination from this Court that the debt is nondischargeable. The Amended Complaint also alleges that Fanale signed the guarantees based on the Defendant's false representations that the Companies could not survive without the loans, which connects the Defendant's conduct directly to Fanale's injuries. The Court can redress Fanale's alleged injuries by deeming the Defendant's debt to Fanale nondischargeable. According to the Court, in addition to constitutional standing, Fanale has statutory standing to object to discharge of his claim because he is listed as a creditor in the Defendant's bankruptcy case and filed a claim that has not been disallowed. In fact, the Defendant and Fanale agreed to abate adjudicating Fanale's claim until the conclusion of this adversary proceeding, so he will remain a creditor throughout this proceeding. And, of course, discharge of Fanale's claim would affect the individual plaintiff, even though the claim is disputed, because he would lose any opportunity to recover from the Defendant. For these reasons, the Court finds that it should deny the Amended Motion to Dismiss on the basis that Fanale lacks standing. In this case, the Plaintiffs seek to add a claim under section 523(a)(2)(A), which excepts from discharge money, property, services to the extent obtained by false pretenses, a false representation, or actual fraud. So the question is whether the Plaintiffs adequately set out, or attempted to set out, facts to support a section 523(a)(2)(A) claim in the Original Complaint. If not, the claim must be dismissed as untimely under Rule 12(b)(6). The Court finds that the section 523(a)(2)(A) claim relates back to the Original Complaint and the Amended Motion to Dismiss on the timeliness ground should be denied. Plaintiffs are granted leave to file a second amended complaint by July 25, 2025, to address the remaining issues raised in the Amended Motion to Dismiss to the extent necessary. A copy of the Court's Opinion and Order dated June 27, 2025, is available at https://urlcurt.com/u?l=vSrlsk from PacerMonitor.com. Todd Benjamin Schlomer filed for Chapter 11 bankruptcy protection (Bankr. W.D. Tex. Case No. 24-10999) on August 23, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by: Kimberly Nash, Esq. TOP MOBILITY: Michael Markham Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 21 appointed Michael Markham, Esq., as Subchapter V trustee for Top Mobility Scooters, Inc. Mr. Markham, a partner at Johnson Pope Bokor Ruppel & Burns, LLP, will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Markham declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael C. Markham, Esq. Johnson Pope Bokor Ruppel & Burns, LLP 401 E. Jackson Street, Suite 3100 Tampa, FL 33602 Phone: (727) 480-5118 Email: Mikem@jpfirm.com About Top Mobility Scooters Inc. Top Mobility Scooters, Inc. is a company specializing in mobility scooters and related equipment for individuals with mobility limitations. Based in Hudson, Florida, the company operates through its website www.topmobility.com and appears to provide healthcare-related mobility solutions in the 'Other Healthcare Services' industry category. Top Mobility Scooters sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04323) on June 26, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Roberta A. Colton handles the case. The Debtor is represented by Michael A. Stavros, Esq., at Jennis Morse. TRANSOCEAN LTD: Sets $2.50 Limit Price on Bond-Related Share Deals ------------------------------------------------------------------ Transocean Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Transocean International Limited, a wholly owned subsidiary of the Company, entered into an amendment to each of the previously announced agreements entered into on June 19, 2025 with certain holders of its 4% Senior Guaranteed Exchangeable Bonds due 2025. The Existing 2025 EB Agreements were amended to, among other things, provide that, beginning on July 7, 2025, the transactions thereunder are subject to a limit price of $2.50 per share of Transocean Ltd., $0.10 par value, whereby the daily transactions will cease in the event that, and for so long as, the trading price of the Shares declines below the Limit Price. About Transocean Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company specializes in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. As of Feb. 14, 2024, the Company owned or had partial ownership interests in and operated 37 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and nine harsh environment floaters. Additionally, as of Feb. 14, 2024, the Company was constructing one ultra-deepwater drillship. Transocean reported a net loss of $954 million in 2023, a net loss of $621 million in 2022, and a net loss of $591 million in 2021. As of June 30, 2024, Transocean Ltd. had $20.33 billion in total assets, $1.57 billion in total current liabilities, $8.04 billion in total long-term liabilities, and $10.71 billion in total equity. * * * Egan-Jones Ratings Company on January 21, 2025, maintained its 'CCC-' foreign currency and local currency senior unsecured ratings on debt issued by Transocean Ltd. In May 2025, S&P Global Ratings affirmed its ratings on offshore drilling contractor Transocean Ltd., including the 'CCC+' issuer credit rating and revised the outlook to negative from stable. TW MEDICAL: Gets Final OK to Use Cash Collateral Until Oct. 31 -------------------------------------------------------------- TW Medical Group, LLC and Taylor G. Wright, P.C. received final approval from the U.S. Bankruptcy Court for the District of Utah to use cash collateral. The final order authorized the Debtors to use cash collateral through October 31 to pay the expenses set forth in their budget, with a 10% variance allowed per line item. As protection, creditors with potential claims to the cash collateral will be granted perfected replacement liens on the Debtor's post-petition assets, subject to any senior liens in the same order of priority as existed on the petition date. There are eight creditors that claim an interest in the Debtors' cash collateral: Cache Valley Bank, Secured Lender Solutions, LLC, CT Corporation System, Corporation Service Company, Old Mill Common LLC, CC Representative, and J B & B Capital, LLC. One of these creditors (secured by the filing made by CT Corporation System) is TVT 2.0, LLC. Of these creditors, Secured Lender Solutions and Corporation Service Company appear to be agents of undisclosed secured creditors. After diligent efforts, the Debtors have not obtained the identities of the creditors -- only their agents. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/HmYN5 from PacerMonitor.com. About TW Medical Group TW Medical Group, LLC is a podiatry practice offering state-of-the-art care across many locations in the United States. The Company provides care for patients of all ages, from infants to older adults. Its podiatry team specializes in diagnosing and treating many foot and ankle conditions, including plantar fasciitis, tendonitis, ingrown toenail, toenail fungus, bunions, and flat feet. TW Medical Group and Taylor G. Wright, P.C. filed Chapter 11 petitions (Bankr. D. Utah Lead Case No. 24-25495) on October 23, 2024. Zachary Paul, chief financial officer, signed the petitions. At the time of the filing, TW Medical Group reported $10 million to $50 million in both assets and liabilities while Taylor G. Wright reported $100,001 to $500,000 in assets and $1 million to $10 million in liabilities. Judge Joel T. Marker oversees the cases. George B. Hofmann, Esq., at Cohne Kinghorn, P.C., represents TW Medical Group while Ted F. Stokes, Esq., at Stokes Law, PLLC represents Taylor G. Wright. TYLER 2 CONSTRUCTION: Seeks Chapter 11 Bankruptcy in North Carolina ------------------------------------------------------------------- On July 9, 2025, Tyler 2 Construction Inc. filed Chapter 11 protection in the U.S. Bankruptcy Court for the Western District of North Carolina. According to court filing, the Debtor reports $5,762,398 in debt owed to 100 and 199 creditors. The petition states funds will be available to unsecured creditors. About Tyler 2 Construction Inc. Tyler 2 Construction Inc. is a general contractor based in Charlotte, North Carolina. The Company provides construction management and renovation services across sectors including office, healthcare, retail, and light industrial. Tyler 2 Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-30715) on July 9, 2025. In its petition, the Debtor reports total assets of $9,819,766 and total liabilities of $5,762,398. Honorable Bankruptcy Judge Ashley Austin Edwards handles the case. The Debtors are represented by Richard S. Wright, Esq. at MOON WRIGHT & HOUSTON, PLLC. UNRIVALED BRANDS: Plan Exclusivity Extended to September 4 ---------------------------------------------------------- Judge Sheri Bluebond of the U.S. Bankruptcy Court for the Central District of California extended Unrivaled Brands, Inc. and Halladay Holding, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to September 4 and November 1, 2025, respectively. As shared by Troubled Company Reporter, the Debtors explain that there are certainly outstanding complex issues that warrant an extension of the exclusivity deadlines, while their cases are not large. The Debtors have already filed a joint plan and disclosure statement, and have made substantial progress by resolving all of its contested matters as to Peoples. However, Greenlane's opposition to the Abandonment Motion and the result of that contested matter will have to be taken into account in the Debtors' finalized amended plan and disclosure statement. The Debtors claim that they have already made substantial progress in taking the first steps toward a liquidating plan. The Debtors have already closed the Sale of the Property and reached a global settlement with Peoples. The Debtors assert that their request for an extension of their plan exclusivity periods is being made in good faith and is not being made for the purpose of pressuring creditors into acceding to certain plan terms. The Debtors further assert that they will need additional time to finalize an amended plan and disclosure statement to account for the results of the pending litigation concerning the Abandonment Motion. The Debtors submit that these contingencies warrant an extension of their plan exclusivity periods. Accordingly, the Debtors respectfully submit that this factor also weighs in favor of an extension of the Debtors' plan exclusivity periods. The Debtors' Counsel: John Patrick M. Fritz, Esq. Robert M. Carrasco, Esq. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. 2818 La Cienega Ave. Los Angeles, CA 90034 Tel: (310) 229-1234 Email: jpf@lnbyg.com About Unrivaled Brands Business Description: Unrivaled owns 100% membership interests in Halladay, and Halladay is Unrivaled's wholly owned subsidiary. Halladay's primary asset is a commercial real property building. Unrivaled Brands, Inc. in Downey, CA, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Lead Case No. 24-19127) on Nov. 6, 2024, listing $10 million to $50 million in assets and $1 million to $10 million in liabilities. Sabas Carrillo as chief executive officer, signed the petition. LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. serves as the Debtor's legal counsel. VERDE RESOURCES: Appoints Dr. Buzz Powell as Independent Director ----------------------------------------------------------------- Verde Resources, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that by resolution of the Board of Directors, Dr. Raymond "Buzz" Powell was appointed an Independent Non-Executive Director of the Company effective July 3, 2025. The Company believes that Dr. Buzz Powell's expertise, industry network, and commitment to sustainability will significantly contribute to the Company's success. Dr. Buzz is one of the most highly regarded figures in the U.S. asphalt technology sector, bringing four decades of distinguished civil engineering experience with a focus on pavements and geomaterials. He earned his Ph.D. from Auburn University, where he subsequently served as Research Professor and Associate Director at the National Center for Asphalt Technology (NCAT). Throughout his career, Dr. Buzz has achieved significant milestones in both the public and private sectors, making substantial contributions to pavement testing, materials characterization, and innovative asphalt technology. His early career included twelve years at the Alabama Department of Transportation (ALDOT), where he worked across pavement testing, management, construction oversight, research, and materials characterization. He then spent two years in private consulting, specializing in highway construction quality control and assurance. "We are extremely grateful to have Dr. Buzz join our board of directors, and we view his appointment as an important validation of both our technology and business plans," said Jack Wong, CEO of Verde Resources. "With a decades-long industry background spanning both public service and the private sector, Buzz's appointment underscores Verde's commitment to pioneering sustainable road construction technologies. His extensive expertise in pavement management and materials characterization as well as his commitment to providing data driven guidance will significantly bolster our efforts in driving forward our carbon-sequestering asphalt solutions." Dr. Buzz's career at NCAT began in 1999 as its first Test Track Manager. Overseeing eight construction cycles and the application of tens of millions of ESALs (Equivalent Single Axle Loads) to experimental sections, he drove major advancements in asphalt performance analysis using virgin, recycled, and additive-enhanced materials. Rising to Associate Director and Research Professor by 2020, he led critical research in pavement design, materials, and surface characterization, improving safety, durability, and sustainability across the industry. After retiring in 2023, he was named the first Technical Director of the Asphalt Pavement Alliance, where he continues to champion innovation, collaboration, and education. Dr. Buzz's expertise spans public and private sectors, with a legacy of reducing life cycle costs and environmental impact through forward-thinking pavement solutions. "I am excited to join Verde Resources at this pivotal moment in its development," said Dr. Buzz Powell. "I've seen Verde's proprietary materials in action at NCAT, and I believe they hold great promise for the future of sustainable, eco-friendly road materials. I look forward to utilizing my experience to support Verde's mission of advancing sustainable infrastructure solutions, particularly through the integration of biochar in asphalt technology." Dr. Buzz's appointment marks a key milestone for Verde as the company strengthens its presence in the sustainable construction sector. His guidance will support the commercialization and industry-wide adoption of Verde's Net Zero road technologies, enhancing resilience and supporting decarbonization in emission-intensive hard infrastructure, all while achieving the lowest possible life cycle costs. About Verde Resources Headquartered in St. Louis, MO, Verde Resources, Inc. specializes in Net Zero road construction and building materials, driving innovations that enhance sustainability and advance environmental stewardship. Since 2021, the Company's BioFraction facility in Borneo has been converting palm waste into biochar and other sustainable byproducts. Kuala Lumpur, Malaysia-based J&S Associate PLT, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Oct. 16, 2024, citing that the company has incurred recurring losses and accumulated a deficit of $13,480,204 as of June 30, 2024. These matters raise substantial doubt about the Company's ability to continue as a going concern. The Company recorded a net loss of $3,187,774 and $3,998,960 for the years ended June 30, 2024, and 2023, respectively. As of Dec. 31, 2024, Verde Resources had $39.75 million in total assets, $1.79 million in total liabilities, and $37.96 million in total stockholders' equity. VETERANS HOLDINGS: Court Converts Bankruptcy Case to Chapter 7 -------------------------------------------------------------- Judge Meredith S. Grabill of the United States Bankruptcy Court for the Eastern District of Louisiana granted in part and denied in part the motion filed by Richards Clearview City Centers, LLC: (1) to convert Veterans Holdings, LLC's bankruptcy case to Chapter 7 and for relief from the automatic stay, (2) alternatively, for relief from the automatic stay, or (3) further in the alternative to dismiss the Chapter 11 case. The Debtor's real estate consists of non-residential real property situated at 4427-4445 Veterans Blvd. in Metairie, Louisiana. The Debtor's only source of income is through lease of the Property. The Debtor has no employees. Richards is the holder of two Promissory Notes made by the Debtor, to wit: (i) that certain promissory note dated Sept. 7, 2012, in the original principal amount of $2,245,000.00 and (ii) that certain promissory note dated June 7, 2013, in the original principal amount of $122,045.00. The Debtor defaulted on the Notes following the notices of rate increases. The Debtor did not pay the Notes following demand, and Richards instituted foreclosure proceedings on June 28, 2024, in the 24th Judicial District Court for the Parish of Jefferson, State of Louisiana, Case No. 855-682. The Property was scheduled to be sold at auction in the Foreclosure Action on Dec. 18, 2024, but the sale did not occur as a result of the Debtor's bankruptcy filing. After the Debtor filed for bankruptcy relief, Richards timely filed Proof of Claim No. 4 setting forth a balance due to Richards as of the Petition Date of $2,058,241.17. Richards reserved the right to claim post-petition interest and attorneys' fees allowable under 11 U.S.C. Sec. 506(b) as an oversecured creditor. Post-petition interest accrues on the Notes at a rate of 18% per annum and a per diem rate of approximately $841/day when applied to the prepetition principal balance. See id. As of June 25, 2025, 190 days have elapsed from the Petition Date, resulting in post-petition interest in the amount of approximately $159,790.00. Richards has incurred approximately $173,000 in attorneys' fees since the Petition Date. The Debtor has not made any payments to Richards during this case. Accordingly, as of June 25, 2025, Richards asserted a total claim against the Debtor for approximately $2,391,031.17. Further, the Debtor has not paid its junior secured creditor, Capital Advisors, in over a year; has not paid property taxes in several years; and has not made payments on its right-of-way lease with Jefferson Parish in several years. On March 18, 2025, the Debtor filed its original disclosure statement and plan. On June 13, 2025, the Debtor filed its Amended Disclosure Statement and Amended Plan, which is the plan the Debtor seeks to confirm. The Amended Plan is premised upon the Debtor's ability to continue to operate the Property and use Richards' cash collateral to make payments to creditors under the Amended Plan. The Debtor's hope is that, after a period of five (5) years, the Debtor will be in position to refinance and/or pay off its debt to Richards and Capital Advisors with "balloon payments." In essence and operation, the Amended Plan would require Richards to forego its right to foreclose at this time in the hopes that the Amended Plan will succeed. Richards' Motion seeks conversion or dismissal under 11 U.S.C. Sec. 1112(b) and relief from the automatic stay on several grounds enumerated in 11 U.S.C. Sec. 362(d). The Court finds that several of the enumerated factors that courts weigh in determining whether to dismiss or convert a case support conversion, namely the likelihood that the debtor would simply file a further case upon dismissal, the likelihood that equality of distribution would be better served by conversion rather than dismissal (given, as an example, the conversion of tenant deposits), but most compelling, is the ability of the trustee in a chapter 7 case to reach assets for the benefit of creditors. According to the Court, creditors in this case may benefit from the appointment of a chapter 7 trustee to serve as an independent fiduciary to quickly evaluate the estate, prosecute avoidance actions, and make a distribution. Conversion will promote final resolution of the disputes among the Debtor and its creditors. For these reasons, the Court entered an order converting this case one under chapter 7 of the Bankruptcy Code. A copy of the Court's Order dated July 9, 2025, is available at https://urlcurt.com/u?l=pBcTMh from PacerMonitor.com. About Veterans Holdings LLC Veterans Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 24-12453) on December 17, 2024, with $1 million to $10 million in both assets and liabilities. Cullan Maumus, manager of Veterans Holdings, signed the petition. Judge Meredith S. Grabill represents the Debtor as legal counsel. Patrick Garrity, Esq., at the Derbes Law Firm, LLC, is the Debtor's bankruptcy counsel. WEC 98D-7: Trigild Named as Receiver for Clay, W.Va. Property ------------------------------------------------------------- Chris Neilson of Trigild IVL has been appointed as receiver and can receive real and personal property assets owned by Defendant WEC 98D-7 LLC, which property is located at 173 Main Street, Clay, West Virginia 25043 (Clay County). In the case styled Wilmington Trust, National Association, as Trustee for the Benefit of the Registered Holders of Wells Fargo Commercial Mortgage Trust 2021-C59, Commercial Mortgage Pass-Through Certificates, Series 2021-C59, Commercial Mortgage PassThrough Certificates, Series 2021-C59, through its special servicer Argentic Services Company LP, Plaintiff v. WEC 98D-7 LLC, WEC 98D-16 LLC, WEC 98D-17 LLC, WEC 98D-18 LLC, WEC 98D-21 LLC, WEC 98D-23 LLC, each a Texas limited liability company; and RX Ashland Investors, L.L.C. and RA2 Stuarts Draft L.L.C., each a Delaware limited liability company, Defendants, Case No. 2:25-mc-00083 (S.D. W.Va.), the Plaintiff entered a notice of filing of federal order appointing Chris Neilson of Trigild IVL, as receiver in the United States District Court for the Southern District of West Virginia because this district encompasses property at issue in the Michigan action. The notice is made in accordance with 28 U.S.C. Section 754 of an Order for Receiver entered in the United States District Court for the Eastern District of Michigan, on June 24, 2025, Case No. 25-11620. In the E.D. Mich. case, the Court found that there is good cause to appoint a receiver to protect the parties' respective interests in the properties, including all rights, title and interest, including leasehold interests, of WEC 98D-7 LLC, WEC 98D-16 LLC, WEC 98D-17 LLC, WEC 98D-18 LLC, WEC 98D-21 LLC, WEC 98D-23 LLC, RX Ashland Investors, L.L.C. and RA2 Stuarts Draft L.L.C. The Court further found that the proposed Receiver has sufficient competence, qualification and experience to administer the Receivership Property. WEC 98D-7 LLC is a Texas limited liability company. Defendant WEC 98D-7 LLC is represented by: Kyle Turnbull, Esq. HOLLAND & KNIGHT LLP 1120 S. Tryon Street, Suite 900 Charlotte, NC 28203 Telephone: (908) 215-7822 E-mail: Kyle.Turnbull@hklaw.com WHITE VIOLET: Case Summary & Three Unsecured Creditors ------------------------------------------------------ Debtor: White Violet Property, LLC 358 Sewall Street Ludlow, MA 01056 Business Description: White Violet Property, LLC owns a portfolio of commercial real estate in Wakefield, New Hampshire. Its holdings include a filling station and convenience store at 393 Meadow Street, the Sanbornville Post Office at 378 Meadow Street, and adjacent parcels at 376 Meadow Street and along the east side of White Mountain Highway (Route 16). The properties total approximately 21 acres and are primarily leased or commercially zoned. Chapter 11 Petition Date: July 14, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-30420 Debtor's Counsel: Jesse Redlener, Esq. ASCENDANT LAW GROUP, LLC 2 Dundee Park Drive Suite 102 Andover, MA 01810 Email: jredlener@ascendantlawgroup.com Total Assets: $2,635,000 Total Liabilities: $1,150,610 The petition was signed by Paul D. Quinn as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AD5CSYY/White_Violet_Property_LLC__mabke-25-30420__0001.0.pdf?mcid=tGE4TAMA WORKSPORT LTD: Achieves Record Production Growth in Past 5 Months ----------------------------------------------------------------- Worksport Ltd. announced that there has been a transformational leap in performance --achieving a 50% increase in monthly production volume since March 2025, while delivering more than a 100% improvement in gross margins over the past five months. These milestones are underscored by readily increasing demand. Record Production Surge Sets the Stage for Strong Growth In May 2025, Worksport produced more units than it did during the entire third quarter of 2024, setting a new monthly production record. This was achieved without adding proportional headcount, signaling a notable increase in operational efficiency. With demand accelerating every month and orders consistently outpacing supply, the Company is evaluating an expanded production schedule. Worksport's operational agility is supported by a $2.8 million job creation grant, previously awarded in 2024. Dealer momentum has surged, with the Company's distribution footprint growing nearly six-fold--from 94 dealers in Q4 2024 to over 550 today. Many small sample orders have scaled into full recurring partnerships, fueling an aggressive growth flywheel. Margin Expansion Powers Path To Profitability "Our ability to double gross margins while boosting production by 50% is a testament to our team's relentless focus on efficiency," said Steven Rossi, CEO of Worksport. "This performance brings us significantly closer to cash flow positivity and long-term value creation." Gross margin has soared from 11% in Q4 2024 to over 23% in May 2025, with projections to surpass 30% by year-end. This margin expansion is driven by increasing factory utilization, rising direct to consumer sales, strategic focus on premium branded products, and the operational leverage of Worksport's ISO 9001:2015-certified facility in West Seneca, NY. The Company maintains modest margin on dealer sales, committing to its support of brick-and-mortar resellers, the backbone of the US economy. A Fundamentally Transformed Business Following revenues of $1.5 million in 2023 and $8.5 million in 2024, Worksport is now on track to eclipse $20 million in revenue in 2025. Recently posting multiple consecutive months of record-breaking production, growing market demand, and strong dealer adoption, the Company has rapidly evolved into a high-growth, margin-rich platform. Worksport's expects it can grow its tonneau cover business to excess of $100,000,000 annually within the short term. It sees the potential for its upcoming portable nano-grid system, the SOLIS and COR to vastly exceed that. Worksport's hard covers are Made in America, with predominantly American domestic materials, largely reducing the impact of the Trump administration's current tariff policies--especially those expected under President Trump's recently passed "Big Beautiful Bill" targeting imported goods. The Company's U.S.-based supply chain strategy provides insulation from rising foreign material costs, aligning with national efforts to bolster domestic manufacturing. Rossi added, "We are manufacturing more, putting out higher quality product utilizing framework of our recent ISO certification, growing margins, expanding our dealer footprint, and preparing for a clean-tech product launch that could redefine our future. In our view, 2025 is not just a strong year--it's a pivotal turning point, which will lead to transformative years ahead." Clean-Tech Revolution Incoming: SOLIS & COR Launching Fall 2025 All signs indicate a major inflection point for the Company as it prepares to launch its SOLIS solar-integrated tonneau cover and COR portable nano-grid power system this Fall. Designed to serve a combined $13 billion market, these products represent the Company's entry into clean-tech and portable power--with high-margin, high-growth, and recurring revenue potential. In a powerful validation example, a top 15 U.S. construction company has selected the SOLIS & COR duo for a paid pilot project, substantiating both market interest and product innovation. For further information: Investor Relations, Worksport Ltd. T: 1 (888) 554-8789-128 W: investors.worksport.com W: www.worksport.com E: investors@worksport.com About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Mar. 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of Dec. 31, 2024, the Company had $25,736,660 in total assets, $8,323,029 in total liabilities, and a total stockholders' equity of $17,413,631. YELLOW CORP: To Sell Properties to I. Turkalj, Others ----------------------------------------------------- Yellow Corporation and its subsidiaries seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Property, free and clear of liens, claims, and encumbrances. The Debtors, through their investment banker, Ducera Partners, commenced a marketing and sale process for their extensive portfolio of Assets, including Real Property Assets and Rolling Stock, among other Assets. As described in the Kaldenberg Declaration, the Subject Properties were included in the Debtors' prepetition marketing launch, which involved outreach by Ducera to approximately 650 prospective purchasers. The Kaldenberg Declaration can be found at: https://urlcurt.com/u?l=CNWNKE The Debtors reserve all rights under the Bidding Procedures Order, including, without limitation, to further modify the Bidding Procedures and to seek all value-maximizing alternatives for the Remaining Properties in accordance with the terms. The Bidding Procedures provide that the Debtors, in their business judgment and in consultation with the Committee, may enter into private sale transactions for their Real Property Assets. The Debtors and their advisors have engaged in hard-fought, good faith, and arm's-length negotiations with each of the Purchasers regarding the respective Asset Purchase Agreements. The A&R Recovery Asset Purchase Agreement was executed on June 27, 2025. The 1628 Clinton LLC Asset Purchase Agreement was executed on July 7, 2025. The Ivan Turkalj Asset Purchase Agreement was executed on July 8, 2025. The BFCO Asset Purchase Agreement was executed on July 10, 2025. As described in the Kaldenberg Bidding Procedures Declaration and the Kaldenberg Declaration, the Debtors commenced their initial marketing and sale efforts for their Real Property Assets, including for the Subject Properties under the Asset Purchase Agreements, one week prior to the Petition Date. Accordingly, the Debtors and their advisors, including Ducera and CBRE have marketed the Subject Properties for nearly two years—leaving no stone unturned. The Debtors retained Ducera to serve as their investment banker, which retention was subsequently approved by the Court. As described in the First Day Declaration, Ducera's mandate included leading a comprehensive marketing and sale process for the Real Property Assets, including the Subject Properties. Ducera has thoroughly canvassed the market of prospective purchasers of the Real Property Assets, including all of the Debtors’ former LTL competitors and hundreds more strategic, financial, and real estate investment parties. The Debtors retained CBRE Inc. as their exclusive real estate broker for the properties comprising their Remaining Real Estate Portfolio, including the Subject Properties. The Debtors believe that it is beneficial to their stakeholders and will maximize the value of the Subject Properties to consummate the Sale Transactions under the Asset Purchase Agreements. The aggregate Purchase Price proceeds to be obtained by the Debtors' estates under the Asset Purchase Agreements is $6,850,000: $4,000,000 under the Ivan Turkalj Asset Purchase Agreement, $2,000,000 under the BFCO Asset Purchase Agreement, $600,000 under the 1628 Clinton LLC Asset Purchase Agreement, and $250,000 under the A&R Recovery Asset Purchase Agreement. The following charts present summaries of the terms and conditions of each of the Asset Purchase Agreements: The 1628 Clinton LLC Asset Purchase Agreement Seller: Yellow Corporation and its subsidiaries listed therein Purchaser: 1628 Clinton LLC Acquired Assets: One Owned Property - 1641 Eden Road, Millville, New Jersey 08332 Purchase Price: $600,000 The A&R Recovery Asset Purchase Agreement Seller: Yellow Corporation and its subsidiaries listed therein Purchaser: A&R Recovery, LLC Acquired Assets: One Owned Property - 333 North 3rd Street, Alexandria, Louisiana 71301 Purchase Price $250,000 The BFCO Asset Purchase Agreement Seller: Yellow Corporation and its subsidiaries listed therein Purchaser: BFCO, LLC Acquired Assets: One Owned Property - 3219 Nebraska Avenue, Council Bluffs, Iowa 51501 Purchase Price: $2,000,000 The Ivan Turkalj Asset Purchase Agreement Seller: Yellow Corporation and its subsidiaries listed therein Purchaser: Ivan Turkalj Acquired Assets: One Owned Property - 99 Express Street, Plainview, New York 11803 Purchase Price: $4,000,000 The Debtors provided extensive notice of their sale process to prospective purchasers for the Subject Properties. Over an approximately two year marketing and sale process to date, the Debtors and their advisors have engaged in good faith discussions with any party interested in one or more of the Subject Properties The Debtors respectfully submit that, in their sound and prudent business judgment and in consultation with the Committee, the Asset Purchase Agreements maximize the value of the Subject Properties. About Yellow Corporation Yellow Corporation -- www.myyellow.com -- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corp had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. Kirkland & Ellis LLP is serving as the Company's restructuring counsel, Pachulski Stang Ziehl& Jones LLP is serving as the Company's Delaware local counsel, Kasowitz, Benson and Torres LLP is serving as special litigation counsel, Goodmans LLP is serving as the Company's special Canadian counsel, Ducera Partners LLC is serving as the Company's investment banker, and Alvarez and Marsal is serving as the Company's financial advisor. Epiq Bankruptcy Solutions serves as claims and noticing agent. Milbank LLP, serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. White & Case LLP, serves as counsel to Beal Bank USA. Arnold & Porter Kaye ScholerLLP, serves as counsel to the United States Department of the Treasury. Alter Domus Products Corp., the Administrative Agent to the DIP Lenders, is represented by Holland & Knight LLP. Ducera Partners, serves as the Debtors' investment banker. [] Quintin Brown Rejoins Stapleton Group as Restructuring Advisor ----------------------------------------------------------------- Global Consulting Company J.S. Held proudly announces the return of Quintin Brown, CPA, CIRA, to Stapleton Group, a part of J.S. Held. Quintin Brown joins a global team of experts who serve clients across six continents. Recognized by the M&A Advisor as an Emerging Leader, Quintin Brown is a financial and restructuring expert who specializes in the design and implementation of liquidity-based solutions for distressed and scaling middle-market businesses. He applies his expertise as a Certified Insolvency and Restructuring Advisor (CIRA) and specialized technical capabilities of a Certified Public Accountant to support executive teams and quickly bring order to chaotic situations. Quintin leads CRO, interim CFO, and financial advisory engagements in matters including bankruptcy, out-of-court restructurings, receiverships, ABCs, and litigation support. He is well-versed in sell-side M&A, expert witness testimony, forensic accounting, auditing, and taxation for middle-market businesses across various industries, including agriculture, automotive, biotechnology, consumer products, distribution, food & beverage, healthcare, manufacturing, real estate, construction, retail, restaurants, and technology. "We are thrilled Quintin has rejoined our team," said Strategic Advisory Group Senior Managing Director, David Stapleton. "He is skillful at collaborating with and building consensus among the various stakeholders involved in complex restructuring matters, as well as quickly identifying and resolving companies' financial and operational challenges, for efficient and effective solutions." J.S. Held's Strategic Advisory group, under the leadership of Michael Jacoby, helps clients overcome complex enterprise challenges and realize long-term, sustainable business value. Their business solutions are derived from a combination of technical, scientific, financial, and strategic expertise and unrivaled understanding of both tangible and intangible assets. Clients of the J.S. Held strategic advisory team have access to more than 1,500 technical, scientific, financial, and strategic experts working across six continents who provide specialized, complementary expertise in areas including dispute advisory; business enterprise, real estate, and intellectual property valuation; forensic accounting; capital projects advisory; compliance and regulatory consulting; business intelligence; ESG and sustainability consulting; environmental, health, and safety; political risk; M&A regulatory response; and cyber security, among others. About J.S. Held J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. Our professionals serve as trusted advisors to organizations facing high stakes matters demanding urgent attention, staunch integrity, proven experience, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations. More than 1,500 professionals serve organizations across six continents, including 84% of the Global 200 Law Firms, 75% of the Forbes Top 20 Insurance Companies (90% of the NAIC Top 50 Property & Casualty Insurers), and 71% of Fortune 100 Companies. Verdantix, in their Green Quadrant: Enterprise Risk Management Consulting Services (2025) report, benchmarks 15 of the most prominent enterprise risk management (ERM) advisors, identifying global consulting firm J.S. Held among the leading companies based on capabilities and momentum J.S. Held, its affiliates and subsidiaries are not certified public accounting firm(s) and do not provide audit, attest, or any other public accounting services. J.S. Held is not a law firm and does not provide legal advice. Securities offered through PM Securities, LLC, d/b/a Phoenix IB or Ocean Tomo Investments, a part of J.S. Held, member FINRA/SIPC. [^] 2025 Distressed Investing Conference: Registration Now Open! ---------------------------------------------------------------- Registration is now open for the 32nd Annual Distressed Investing Conference, presented by Beard Group, Inc. This two-day affair kicks off with the Opening Night Cocktail Reception on Dec. 2nd from 5:00-7:00 PM and followed by the Full Day Conference on Dec. 3rd. Venue is the Harmonie Club in New York City. Visit https://www.distressedinvestingconference.com/ for more information. Contact Will Etchison, Conference Producer, at Tel: 305-707-7493 or will@beardgroup.com for sponsorship opportunities. Thank you to last year's conference sponsors: The 2024 Conference Co-Chairs: * Kirkland & Ellis, LLP, as conference co-chair; and * Foley & Lardner LLP, as conference co-chair The 2024 Major Sponsors: * Davis Polk & Wardwell LLP; * Hilco Global; * Locke Lord LLP; * Morrison & Foerster LLP; * Proskauer Rose LLP; * Skadden, Arps, Slate, Meagher & Flom LLP; * Wachtell, Lipton, Rosen & Katz; and * Weil, Gotshal & Manges LLP The 2024 Patron Sponsors were: * Katten Muchin Rosenman LLP; * Kobre & Kim; and * Resolution Financial Advisors The 2024 Supporting Sponsors were: * C Street Advisory Group; * Development Specialists, Inc.; * Gilbert + Tobin; * Paul Hastings; * RJReuter; * Sherwood Partners, Inc.; * SSG Capital Advisors; and * Stein Advisors LLC The 2024 Media Partners were: * BankruptcyData; * CreditSights; * Debtwire; * The National Law Review; * PacerMonitor; * Pari Passu Newsletter; * Reorg; and * WSJ Pro Bankruptcy The 2024 Knowledge Partner was: * Creditor Rights Coalition The 2024 Conference Replays are available for Purchase at https://www.distressedinvestingconference.com/2024-video-replays--photos.html ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. 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